View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
November 3, 2021

Singapore loyalty platform ShopBack to acquire BNPL firm hoolah

By Shalini mani

Singapore-based shopping and rewards platform ShopBack is to acquire hoolah, a buy now, pay later (BNPL) firm for undisclosed amount.

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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.”

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International