hoolah, a Singapore-based ‘buy now pay later’ startup, has closed an eight-figure series A investment round.
The round was led by Allectus Capital, a venture capital firm focused on disruptive technologies, and joined by others like iGlobe Ventures, Genting Ventures, former Lazada group CEO Max Bittner, and FNZ CEO Tim Neville.
Founded in 2018, hoolah brought the instalment-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.
hoolah works with a variety of merchants like HipVan, Castlery, Sennheiser and Skin Inc, allowing shoppers to pay for products in three monthly instalments with no interest fees.
They previously secured a seven-figure seed raise just eight months after their launch.
Today, hoolah’s fresh series A funds will help the startup double down on their recently announced launch in Malaysia, and fuel further expansion.
They also intend to turn their service into an omni-channel solution, so that shoppers will be able to use instalment payments both online and in physical stores.
The firm plans to hire across sales, marketing and technology roles to boost these growth plans, and is also building their team in Malaysia.
“This marks a continuation of our plan and vision that we had when we started,” said hoolah co-founder and CEO Stuart Thornton.
“We will continue to focus on enabling our omni-channel solution into new markets, and expanding into new verticals where consumers will enjoy using hoolah to responsibly afford the things they want or need.”