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Singapore rewards app ShopBack buys fintech startup Hoolah

·1-min read
(PHOTO: ShopBack)
(PHOTO: ShopBack)

By Ville Heiskanen

(Bloomberg) — Singapore’s online-shopping rewards app ShopBack is buying local fintech startup Hoolah to add “buy now, pay later” services.

The deal expands ShopBack’s services beyond cashback and other rewards it currently offers to consumers on properties of Alibaba Group Holding Ltd. and other major online retailers. The companies didn’t disclose the acquisition’s value in their statement on Tuesday.

Closely held ShopBack, with investors including Temasek Holdings Pte and Rakuten Capital, is seeking to become a more significant partner for merchants as online shopping gains popularity in Asia. Hoolah, a pioneer in “buy now, pay later” services in Southeast Asia, lets consumers pay for purchases in three interest-free installments.

“Together as one, we unlock value by providing a broader platform of new capabilities and services for shoppers and merchants,” ShopBack Chief Executive Officer Henry Chan said in the statement.

© 2021 Bloomberg L.P.