ShopBack, a Singapore-based cashback platform, is set to acquire buy now, pay later (BNPL) service Hoolah. The value of the deal is undisclosed.
ShopBack CEO Henry Chan (left) and Hoolah CEO Arvin Singh / Photo credit: ShopBack
Hoolah, which was founded in 2018, currently works with over 2,000 online and offline merchants in Singapore, Malaysia, and Hong Kong. And once the deal is finalized, the BNPL service can extend its reach to the 8,000 merchants and 30 million shoppers in the ShopBack platform.
Hoolah will keep its brand, while its app and website will continue to operate as before.
In August, Hoolah chief executive Stuart Thornton handed in his resignation. Days after, the startup reduced its workforce to about 60 employees. According to an internal memo, the ongoing pandemic has pushed the company to “adjust business strategy” and operate in “a leaner structure.”
Read also: Days after CEO exit, Hoolah cuts jobs in restructuring effort
Meanwhile, ShopBack raised around US$75 million in funding in March 2020, followed by another US$40 million in funding in October this year. The company has raised US$145 million to date, facilitating more than US$3.5 billion in annual sales.
Editing by Miguel Cordon and Jaclyn Tiu
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