The acquisition is part of the Singapore-based platform's efforts to drive $3.5 billion in sales this year.
Temasek-backed cashback platform ShopBack has acquired buy now pay later (BNPL) brand Hoolah for an undisclosed sum in cash and stock, according to an announcement on Tuesday.
The acquisition extends ShopBack’s product offering to include transactions with payment options like BNPL and more. Meanwhile, Hoolah will be able to accelerate its growth through ShopBack, which allows the BNPL player to extend its offerings to over 8,000 merchants and 30 million shoppers across several APAC markets, the announcement said.
ShopBack, which was valued at $539.4 million in its latest funding round, said the acquisition will transform the shopping experience for shoppers, and provide a one-stop solution for demand generation and user engagement for merchants across the APAC region.
Growing Team
ShopBack is also expanding its team across the APAC region. According to its LinkedIn profile, it is looking for a head of marketing in Singapore, who will be responsible for demand growth and user development funnels on both existing and new business initiatives within ShopBack Singapore.
Hoolah's however, has experienced a rocky past few months, with layoffs reported at the company, as well as the departure of co-founder and CEO Stuart Thornton, who has since been replaced by fellow co-founder Henry Chan.
Vibrant Sector
The BNPL space is expanding rapidly and companies are vying for market share, with a number of partnerships established in recent months to expand their reach. Recent deals include Standard Chartered's partnership with BNPL platform Atome to deliver a wide range of financial services to consumers and merchants across key markets in Asia, as well as its partnership with Kredivo – one of Indonesia's largest and fastest growing digital credit platforms.
U.S. fintech giant also acquired Japan BNPL payments platform Paidy in September for ¥300 billion (about $2.7 billion), while Square, run by Twitter CEO Jack Dorsey bought Australian Afterpay for $29 billion in August.
