Sunday, August 9, 2020

Payments startup hoolah bags 8-figure sum in Series A round to accelerate growth and expansion plans

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Vincent Wee
Vincent Wee
Singapore | Vincent is a dynamic and versatile marketing strategist primarily focused on digital marketing. He also has a keen passion for gaming and collecting designer toys.

hoolah, a Singapore-based ‘buy now pay later’ startup, has finalized an investment for an eight-figure Series A investment round, led by Allectus, a venture capital firm that is part of private equity firm, ICM.

Joining the round are Singapore based iGlobe Ventures, who participated in hoolah’s seed round, and others such as Genting Ventures, former Lazada group CEO, Max Bittner, and FNZ CEO, Tim Neville – a global FinTech firm responsible for over £330 Billion of assets under administration.

Founded in 2018, hoolah has been actively working to provide a fuss-free
shopping experience while partnering with a wide variety of merchants such as Sennheiser, HipVan, and Skin Inc. Their aim is to bring an installment-based payment concept to Singapore to tackle cart abandonment issues and to grow their sales. This concept also allows consumers to get what they need via hassle-free monthly installment plans.

hoolah’s newly acquired Series A funds will help the startup to double down on their recently announced launch in Malaysia, and to fuel further expansion. Another core investment will also focus on enabling the team to build an omnichannel solution – allowing customers to shop both online and in-store.

While market expansion is critical to the growth of the business, the team at hoolah is committed to continue delivering a great experience for their users. In essence, this means fuss-free shopping with full transparency.

At the moment, the startup is hiring across sales, marketing and technology functions with new roles being posted in Malaysia as well.

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