Singapore-based payments startup “hoolah” recently announced that it has closed an eight-figure investment through its Series A funding round.
The funding round was led by venture capital firm Allectus, iGlobe Ventures, Genting Ventures and angel investors like former Lazada group CEO Max Bittner, and FNZ CEO Tim Neville.
With the infusion of capital, hoolah plans to double down on their recently announced launch in Malaysia and further fuel expansion. The company also intends to turn services into an omnichannel solution to enable shoppers to use installment payments both online and in physical stores. The company also plans on hiring workforce across sales, marketing, and technology to boost growth plans.
“This marks a continuation of our plan and vision that we had when we started. We will continue to focus on enabling our omnichannel solution into new markets, and expanding into new verticals where consumers will enjoy using hoolah to responsibly afford the things they want or need, ”said hoolah co-founder and CEO Stuart Thornton.
Founded in 2018 by Stuart Thornton and Arvin Singh, hoolah brought the installment-based payment concept to Singapore to help online retailers solve the problem of abandoned shopping carts. Their service also provides an alternative payment option, besides credit cards, for consumers to purchase big-ticket items as soon as they want.
The startup’s “buy now, pay later” payment solution allows consumers to initially pay for one-third of the product’s cost before forking out the remaining amount in two interest-free installments later on. hoolah pays partner merchants upfront for the product and takes on the credit and fraud risk. Partners pay a transaction fee for every customer order made through hoolah.
Sandeep is a journalism and mass communication graduate with a keen interest in politics and business. He is a part of Research & Content team at HrNxt.com.