ShopBack PayLater, powered by hoolah, is available to all participating merchants in Malaysia, Singapore, and Thailand as an option through the Optty Retail Control Center, according to a press release on Wednesday (Aug. 17).
The company raised $9 million in April while still in stealth and then started rolling out to retailers to enable them to offer customers multiple BNPL options, PYMNTS reported.
Headquartered in Singapore and founded last year with teams in Sydney, London and South Africa, the company is headed by co-founder and CEO Natasha Zurnamer. The leadership founding team includes Chief Product Officer Mark Russell, Chief Operating Officer David Peck and Chief Information Officer Andrew Stott.
“Offering multiple BNPLs not only helps retailers to create customer loyalty through added choice, but it also helps them to understand market trends better and improve customer experience,” Zurnamer said.
According to new PYMNTS research, 71% of BNPL users making more than $100,000 a year and who used BNPL options in the last 12 months increased their use in the past year. More than 46% of baby boomers and senior citizens upped their use of BNPL in the past year.
ShopBack serves more than 35 million shoppers across 10 markets in the Asia-Pacific region. Last year, the company drove over 450 million shopping trips to merchant partners, according to the release.
“Joining Optty is a great opportunity for us because we want retailers to be able to choose Shopback’s BNPL service as quickly, easily, and rapidly as possible,” said Hamish Moline, Managing Director, Financial Services, ShopBack.
“We recognize that retailers need to offer their customers, not just one, but multiple choices for digital payment. Being available on the Optty platform gives us the ability to be part of what is quickly proving to be a powerful engine for BNPL adoption,” Moline added.