Shopping and rewards platform ShopBack today announced that it has received consent from shareholders of hoolah, a leading ‘buy now, pay later’ (BNPL) platform, for a 100% acquisition of the company by ShopBack. hoolah, combined with ShopBack's position as the market-leading publisher and shopping companion across the Asia-Pacific, will transform the shopping experience for shoppers, while providing a one-stop solution for demand generation and user engagement for merchants across the Asia-Pacific.
Launched in Singapore in 2018, hoolah is regarded as the pioneer in the BNPL space in Southeast Asia. Offering shoppers an option to pay for purchases in three interest-free instalments, hoolah has helped over a quarter of a million shoppers shop smarter and more responsibly. Today, hoolah works with over 2,000 online and in-store merchants in Singapore, Malaysia and Hong Kong, including Charles & Keith, Secretlab, Zalora, and Zenyum.
The acquisition supports the shared vision of ShopBack and hoolah to build the world’s most rewarding commerce enablement platform. 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. ShopBack will further enhance its suite of shopping tools and rewards by offering shoppers a responsible, convenient, and 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,” said 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.”
“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,” Arvin Singh, Co-founder and CEO of hoolah added. “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.
“We’re also very excited to be empowering shoppers to shop smarter and responsibly afford the things they need today, while reaping the best rewards and deals. We look forward to realising our growth ambitions alongside ShopBack as we expand our offerings to other markets in the Asia-Pacific region,” said Singh.
More than half a billion shopping trips start with ShopBack each year. ShopBack is Asia-Pacific’s leading shopping and rewards platform, serving over 30 million shoppers across nine markets. ShopBack powers over US$3.5 billion in annual sales for over 8,000 online and in-store merchant partners, across categories ranging from fashion, beauty, F&B, electronics, travel and more. For the second time, ShopBack won Publisher of the Year (Advertiser’s Choice) in this year’s Rakuten Asia-Pacific Golden Link Awards.
Launched on 1 March 2018, hoolah is Asia’s leading omnichannel Buy Now Pay Later platform. hoolah empowers shoppers to afford the things they need today responsibly and pay later via 3 interest-free monthly instalments. Active in Singapore, Malaysia and Hong Kong with over 2,000 merchant partners, hoolah connects merchants with shoppers wherever they are, promising a convenient, seamless and excellent shopping experience for all.
The ShopBack Group is Asia-Pacific’s leading shopping and rewards platform, serving over 38 million shoppers across ten markets.
ShopBack was founded in 2014 and today, ShopBackers across the region continue to win over shoppers by constantly upping their game - be it rewards or meaningful experiences - such that shoppers can achieve a personal victory every time they use ShopBack.
The Group powers over US$3.7 billion in annual sales for over 15,000 online and in-store merchant partners. In 2022, ShopBack launched ShopBack Pay and PayLater, extending the platform's offerings into financial services, providing shoppers responsible and convenient payment options at checkout.
