Hoolah, a Singapore-based fintech company, announced it is bringing its interest-free installment solution to Malaysia.
Hoolah CEO Stuart Thornton / Photo credit: Hoolah
Founded in 2018, Hoolah allows consumers to pay for their purchases in three monthly installments without any interest or fees. By partnering with over 300 merchants in Singapore, the company claims to have delivered an average 20% to 30% increase in conversion and basket size.
In 2018, Hoolah raised a seven-digit funding round led by AccelerAsia Ventures and Aletra Capital Partners.
The startup is now expanding outside of Singapore and bringing its buy now, pay later solution to merchants across Southeast Asia, with Malaysia as its first new market.
To kick-start the launch in Malaysia, Hoolah said it has partnered with two fashion tech companies, Novelship and BlinQ.
According to a statement, Novelship has seen an increase in demand across the region for street luxury brands and limited-release products such as Supreme and Adidas Yeezy. BlinQ, on the other hand, recently announced partnerships with Yoox, Evisu, and Anya Hindmarch to make more of their products available in Southeast Asia. Both companies are using their seed funding to fuel their expansion across the region.
“Malaysia was always a key market for our expansion given the proximity to Singapore, as well as the growth in ecommerce,” said Stuart Thornton, CEO at Hoolah.
Malaysia’s ecommerce market is valued at US$4 billion and is expected to expand at a compound annual growth rate of 24% until 2021, according to JPMorgan.
Editing by Charmaine de Lazo
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