Shopping and rewards platform Shopback is acquiring "buy now, pay later" (BNPL) platform Hoolah, the companies announced on Nov 2.
Launched in Singapore in 2018, Hoolah offers shoppers an option to pay for purchases in three interest-free instalments.
According to the company, Hoolah works with over 2,000 online and physical retailers in Singapore, Malaysia and Hong Kong; including Charles & Keith, Secretlab, Zalora and Zenyum.
Hoolah aims to extend its BNPL offering to over 8,000 merchants and 30 million shoppers across nine markets in the Asia Pacific.
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“We see significant synergies between Shopback’s and Hoolah’s product lines,” says Henry Chan, co-founder and CEO of Shopback. “Together as one, we unlock value by providing a broader platform of new capabilities and services for shoppers and merchants alike.”
Shopback powers over US$3.5 billion in annual sales for over 8,000 online and in-store merchant partners, says the company.
The announcement comes a week after the departure of Hoolah’s co-founder and former CEO Stuart Thornton. The Briton announced in a LinkedIn post on Oct 27 that he is stepping down to spend time with his family.
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“With family in the UK, Singapore and my daughter in Australia it was time to be present and spend some quality time with them,” writes Thornton.
“A special call out to Arvin Singh. We sat together for hours in Jewel Coffee Great World City plotting. Thank you mate for the friendship, hard work and the will to succeed. Something we will never forget. We made it come alive. Good luck,” he adds. Co-founder Singh is now CEO of Hoolah.
“Hoolah is in good hands and there are exciting things to come for the company. #buynowpaylater has a massive future,” writes Thornton.
Photo: Albert Chua / The Edge Singapore
