ShopBack Acquires Hoolah: Expanding Cashback Platform with BNPL

ShopBack to Acquire Buy Now, Pay Later Startup Hoolah

ShopBack, an e-commerce loyalty platform supported by Rakuten, has announced its intention to acquire Hoolah, a buy now, pay later (BNPL) startup.

Both ShopBack and Hoolah are headquartered in Singapore and focus on serving Southeast Asian consumers.

Deal Details and Future Operations

The acquisition will be completed through a combination of stock and cash, though the specific financial terms have not been publicly revealed.

According to ShopBack founder and CEO Henry Chan, following the completion of the merger, Hoolah will maintain its existing brand identity, application, and website.

This integration will facilitate the addition of new functionalities to the ShopBack platform.

The platform will evolve beyond simply offering loyalty benefits for e-commerce purchases to also include integrated BNPL transaction capabilities.

Strategic Acquisitions by ShopBack

This acquisition aligns with ShopBack’s broader strategy of expanding its services through strategic acquisitions.

Previous acquisitions include the personal finance community Seedly and Ebates Korea.

ShopBack’s Market Presence

Having secured approximately $126 million in funding from investors such as Rakuten, Temasek Holdings, EV Growth, EDBI, and East Ventures, ShopBack currently serves around 30 million shoppers.

The platform partners with over 8,000 merchants across nine markets in the Asia-Pacific region.

Hoolah’s Background and Services

Established in 2018, Hoolah has attracted investment from firms including iGlobe Partners, Accelerasia Ventures, Genting Ventures, and Maximilian Bittner, the former CEO of Lazada Group.

Hoolah’s BNPL service allows customers to split purchases into three interest-free installments.

The company reports having served more than 250,000 shoppers through partnerships with 2,000 merchants in Singapore, Malaysia, and Hong Kong.