Singapore’s cash rewards app ShopBack has received the go-ahead from shareholders of hoolah for a 100% acquisition of the buy now, pay later (BNPL) company, according to a Tuesday (Nov. 2) press release issued by ShopBack. Financial details were not disclosed.
hoolah, which offers customers the ability to make three interest-free installment payments for purchases in-store and online, was founded in 2018. The acquisition expands the ShopBack loyalty platform’s ability to offer consumers BNPL options, according to the release.
As part of the acquisition, hoolah will bolster its reach with a platform to expand its BNPL option to more than 8,000 retailers and 30 million shoppers across nine markets in the Asia-Pacific region.
“We see significant synergies between ShopBack’s and hoolah’s product lines. Together as one, we unlock value by providing a broader platform of new capabilities and services for shoppers and merchants alike,” said Henry Chan, ShopBack co-founder and CEO. “Shoppers get the best deals and rewards, and more flexible payment options, on a single platform. Merchant partners can access a large pool of high-intent shoppers.”
To date, more than 250,000 shoppers have used hoolah’s BNPL option to buy items at the more than 2,000 online and in-store retailers in Singapore, Malaysia and Hong Kong, according to the announcement.
ShopBack’s rewards platform serves more than 30 million shoppers across the Asia-Pacific region. The app provides cash back in various categories, including travel, general merchandise, food delivery, groceries, fashion, health and beauty, as well as entertainment, dining and in-store sales, according to PYMNTS.
Besides ShopBack’s expansion into the BNPL realm, Klarna, an established BNPL firm, in an effort to expand its app features, on Tuesday announced the acquisition of PriceRunner, according to PYMNTS. As part of the collaborative effort, PriceRunner will offer product reviews, as well as price comparisons, which aim to upgrade the user shopping experience.