Singapore-based shopping and rewards platform ShopBack is to acquire hoolah, a buy now, pay later (BNPL) firm for undisclosed amount.
hoolah, which was launched in Singapore in 2018, has secured approval from shareholders for its acquisition by ShopBack.
Providing shoppers with an option to pay for purchases in three interest-free instalments, hoolah works with more than 2,000 online and in-store merchants in Singapore, Malaysia and Hong Kong.
Following the completion of the merger, ShopBack will own all of the BNPL firm. However, hoolah’s app, brand and website will operate as earlier, ShopBack founder and CEO Henry Chan told TechCrunch.
Among the other acquisitions made by ShopBack in the recent years include personal finance service provider Seedly in 2018 and online cashback platform Ebates Korea in 2020.
ShopBack has raised about $126m from investors such as Temasek Holdings, EV Growth, Rakuten, East Ventures, and EDBI.
It has more than 8,000 online and in-store merchant partners, across various industries ranging from fashion to electronics.
The shopping and rewards platform also caters to more than 30 million shoppers across nine markets in Asia Pacific.
With this acquisition, hoolah expects to benefit from ShopBack’s reach in the Asia-Pacific region.
ShopBack also plans to boost its suite of shopping tools and rewards by providing convenient, and flexible payment option at checkout.
Chan said: “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.
“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.”
hoolah co-founder and CEO Arvin Singh said: “hoolah and ShopBack coming together is a natural fit given our similarities in exceptional brand recognition, user demographics and an aligned vision of placing the customer at the heart of everything.
“hoolah’s deep experience in BNPL, complemented by ShopBack’s stature as the leading rewards and discovery platform marks an incredible opportunity to boost/support growth for merchants across the Asia-Pacific.”
