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Tag: Hoolah

  • Rewards Platform ShopBack Acquires BNPL Startup Hoolah

    Rewards Platform ShopBack Acquires BNPL Startup Hoolah

    The acquisition is part of the Singapore-based platform’s efforts to drive $3.5 billion in sales this year.

    Temasek-backed cashback platform ShopBack has acquired buy now pay later (BNPL) brand Hoolah for an undisclosed sum in cash and stock, according to an announcement on Tuesday.

    The acquisition extends ShopBack’s product offering to include transactions with payment options like BNPL and more. Meanwhile, Hoolah will be able to accelerate its growth through ShopBack, which allows the BNPL player to extend its offerings to over 8,000 merchants and 30 million shoppers across several APAC markets, the announcement said.

    ShopBack, which was valued at $539.4 million in its latest funding round, said the acquisition will transform the shopping experience for shoppers, and provide a one-stop solution for demand generation and user engagement for merchants across the APAC region.

    ShopBack is also expanding its team across the APAC region. According to its LinkedIn profile, it is looking for ahead of marketing in Singapore, who will be responsible for demand growth and user development funnels on both existing and new business initiatives within ShopBack Singapore.

    Hoolah’s however, has experienced a rocky past few months, with layoffs reported at the company, as well as the departure of co-founder and CEO Stuart Thornton, who has since been replaced by fellow co-founder Henry Chan.

    The BNPL space is expanding rapidly and companies are vying for market share, with a number of partnerships established in recent months to expand their reach. Recent deals include Standard Chartered’s partnership with BNPL platform Atome to deliver a wide range of financial services to consumers and merchants across key markets in Asia, as well as its partnership with Kredivo – one of Indonesia’s largest and fastest-growing digital credit platforms.

    U.S. fintech giant also acquired Japan BNPL payments platform Paidy in September for ¥300 billion (about $2.7 billion), while Square, run by Twitter CEO Jack Dorsey bought Australian Afterpay for $29 billion in August.

  • Hoolah Joins Visa in Supporting Local Businesses Through Where You Shop Matters Initiative in Malaysia

    Hoolah Joins Visa in Supporting Local Businesses Through Where You Shop Matters Initiative in Malaysia

    hoolah, Asia’s leading omni-channel Buy Now Pay Later company today announced that they will be joining Visa’s Where You Shop Matters campaign. Through the partnership, hoolah will work together with Visa to support local small and micro businesses (SMBs) in growing their online presence through social commerce, as well as enabling Malaysians to support homegrown brands by providing consumers with its Buy Now Pay Later (BNPL) payment option.

    With Malaysia’s economy seeing a projected contraction of 5.8% in 2020[1] due to the pandemic, private consumption has also taken a hit as purchasing power shrunk throughout 2020. Recognising this, hoolah is further accelerating its efforts in this partnership with Visa to help retailers recover quickly. In line with the Malaysian government’s efforts to accelerate nationwide digitisation and widen digital payments adoption among Malaysian consumers and merchants, hoolah aims to aid retailers and encourage consumers to spend responsibly for a speedy economic recovery.

    hoolah solves merchants’ biggest challenges of driving conversion, basket increase, customer traffic, and loyalty with a sustainable omnichannel BNPL solution that operates seamlessly, and in the most cost-effective way. Furthermore, the onboarding process is completely fuss-free for them as it is entirely digital, allowing them to deploy hoolah on their physical and online stores contact-free and with ease.

    To support the local businesses in succeeding in a post-pandemic recovery world, hoolah will be waiving transaction fees for the first 100 orders paid with hoolah through a Visa card, when merchants sign up for hoolah through Visa’s Where You Shop Matters initiative.

    By helping newly onboarded merchants save on merchant transaction fees, they are able to pass on these savings through exclusive discount codes to customers who complete their purchase through hoolah with a Visa card.

    Arvin Singh, COO and Co-Founder of hoolah said, “We are excited to be embarking on this meaningful partnership with Visa, as it further solidifies our dedication in building meaningful engagements in our hoolah ecosystem between our partners, merchants and consumers. We’re delighted to be able to support local SMBs in Malaysia and grow their businesses with our omnichannel BNPL solution, as we push forward together in this time of recovery and growth.”

    Ng Kong Boon, Visa Country Manager for Malaysia said, “With the enforcement of yet another round of movement control order and the declaration of a nationwide state of emergency, we believe that where Malaysians choose to shop can have a big impact. Frequenting local retailers not only helps businesses to survive and even thrive, but it also helps spur the nation’s economy which benefits the society. With these newly formed partnerships, we look forward to seeing more new and existing merchants joining the Where You Shop Matters program. Through this, we hope to be able to bridge Malaysians’ needs with our merchants’ myriad of offerings.”

     

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