Singapore-based loyalty platform ShopBack is to acquire local buy now, pay later startup hoolah.
Launched on 1 March 2018, and active in Singapore, Malaysia and Hong Kong, hoolah offers shoppers three interest-free installment payments at over 2,000 merchant sites.
With ShopBack support, hoolah will accelerate its growth with a platform to extend its BNPL offering to over 8,000 merchants and 30 million shoppers across nine markets in the Asia-Pacific.
“We see significant synergies between ShopBack’s and hoolah’s product lines. Together as one, we unlock value by providing a broader platform of new capabilities and services for shoppers and merchants alike,” says Henry Chan, co-founder and CEO of ShopBack. “Shoppers get the best deals and rewards, and more flexible payment options, on a single platform. Merchant partners can access a large pool of high-intent shoppers, and achieve higher conversions and basket sizes. Our best-in-class technology and rich transaction data will enable us to further accelerate the development of the BNPL sector across the Asia-Pacific.”