ShopBack, a Singapore shopping and rewards platform, said Tuesday it will acquire 100 percent of “buy now, pay later” (BNPL) player hoolah for an undisclosed amount.

hoolah, combined with ShopBack’s position as the market-leading publisher and shopping companion across the Asia-Pacific, will transform the shopping experience for shoppers, while providing a one-stop solution for demand generation and user engagement for merchants across the Asia-Pacific, said ShopBack said in a statement.

The acquisition supports the shared vision of ShopBack and hoolah to build the world’s most rewarding commerce enablement platform, it said.

hoolah will accelerate its growth with a platform to extend its BNPL offering to over 8,000 merchants and 30 million shoppers across nine markets in the Asia-Pacific. ShopBack will further enhance its suite of shopping tools and rewards by offering shoppers a responsible, convenient, and flexible payment option at checkout.

“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, Co-Founder and Chief Executive Officer of ShopBack.

“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, and achieve higher conversions and basket sizes. Our best-in-class technology and rich transaction data will enable us to further accelerate the development of the BNPL sector across the Asia-Pacific,” he added.

Launched in Singapore in 2018, hoolah is regarded as the pioneer in the BNPL space in Southeast Asia. Offering shoppers an option to pay for purchases in three interest-free instalments, hoolah has helped over a quarter of a million shoppers shop smarter and more responsibly. Today, hoolah works with over 2,000 online and in-store merchants in Singapore, Malaysia and Hong Kong, including Charles & Keith, Secretlab, Zalora, and Zenyum.

“hoolah and ShopBack coming together is a natural fit given our similarities in exceptional brand recognition, user demographics and an aligned vision of placing the customer at the heart of everything,” said Arvin Singh, Co-Founder and Chief Executive Officer of hoolah.

“hoolah’s deep experience in BNPL, complemented by ShopBack’s stature as the leading rewards and discovery platform marks an incredible opportunity to boost/support growth for merchants across the Asia-Pacific.

“We’re also very excited to be empowering shoppers to shop smarter and responsibly afford the things they need today, while reaping the best rewards and deals. We look forward to realising our growth ambitions alongside ShopBack as we expand our offerings to other markets in the Asia-Pacific region,” he added.

ShopBack is a shopping and rewards platform serving over 30 million shoppers across nine markets. It powers over $3.5 billion in annual sales for over 8,000 online and in-store merchant partners, across categories ranging from fashion, beauty, food and beverage, electronics, travel, and more.

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