Singapore-based hoolah, an omni-channel payments company, has received a ‘seven-figure’ seed round.
AccelerAsia Ventures and Aletra Capital Partners served as the lead investors to the round, with participation also coming from iGlobe Partners and a number of angel investors.
Hoolah is a payments solution which empowers consumers to pay for products over monthly instalments, rather than an upfront charge. Merchants which partner with the company can offer their customers to pay for items over a four-month period and at zero per cent interest. Its solution is used be retailers and travel merchants.
The company launched its commercial operations earlier in the year, with Singapore being its initial market. This equity injection will be predominantly used to scale the technology and commercial teams, and grow its merchant base.
hoolah CEO Stuart Thornton said, “While hoolah is currently focused on online merchants in Singapore – particularly in the retail and travel verticals – we will be expanding quickly across Asia initially into markets such as Malaysia, Thailand and Hong Kong.
“We will also be investing in building out our in-store technology to deliver a similar shopping experience for in-store customers too. The future is very exciting as we bring this model across Asia at scale.”
Alongside the fresh line of funding, the company has revealed its latest customer, online vintage fashion merchant The Fifth Collection. Through this deal, will see the integration and onboarding of hoolah’s services to the merchant over coming weeks.
“We saw the value almost instantly. With our focus on sustainable luxury in retail and millennial consumers and hoolah’s focus on millennials and driving affordability, it was a clear win-win,” said The Fifth Collection CEO Michael Finn. “We are very much looking forward to furthering our relationship with hoolah and partnering to expand our respective businesses.”
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