Temasek-Backed ShopBack Acquires APAC BNPL Player hoolahby Fintech News Singapore November 2, 2021
Shopping and rewards platform ShopBack announced that it has acquired hoolah, a buy now, pay later (BNPL) platform. Details of the deal were not disclosed.
The deal comes on the heels of ShopBack’s recent US$40 million funding round led by Temasek.
The acquisition is said to support the shared vision of ShopBack and hoolah to build a rewarding commerce enablement platform.
hoolah will be able to 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.
Meanwhile, ShopBack will further enhance its suite of shopping tools and rewards by offering shoppers a flexible payment option at checkout.
“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.”
said Henry Chan, Co-founder and CEO of ShopBack.
“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.”
said Arvin Singh, Co-founder and CEO of hoolah.
Featured image: Edited from Unsplash