ShopBack, the Rakuten-backed e-commerce loyalty platform, introduced in the present day it is going to purchase purchase now, pay later startup Hoolah. Each firms are based mostly in Singapore and function in Southeast Asian markets. The deal was carried out in inventory and money, and phrases have been undisclosed.
After the merger closes, ShopBack will personal all of Hoolah, however the BNPL service’s model, app and web site will proceed to function as earlier than, ShopBack founder and chief govt officer Henry Chan instructed FiratNews. The merger means new options will probably be added to ShopBack’s platform, evolving it from a loyalty app for e-commerce purchases to enabling transactions with BNPL choices.
Different acquisitions ShopBack has made to construct out its enterprise embody private finance group Seedly and Ebates Korea.
ShopBack, which has raised about $126 million from buyers like Rakuten, Temasek Holdings, EV Development, EDBI and East Ventures, says it’s now utilized by about 30 million customers throughout 8,000 retailers in 9 Asia-Pacific markets.
Based in 2018, Hoolah’s buyers embody iGlobe Companions, Accelerasia Ventures, Genting Ventures and Maximilian Bittner, the founder and former chief govt officer of Lazada Group. Its BNPL companies give customers the choice of paying for purchases in three interest-free installments. The corporate says it has been utilized by greater than 250,000 customers and is on the market on 2,000 retailers in Singapore, Malaysia and Hong Kong.