hoolah, a Singapore-based startup entitled "Buy Now, Pay Later", has completed an eight-figure Series A investment round.
The round was led by Allectus, a venture capital firm focused on disruptive technologies, and others such as iGlobe Ventures, Genting Ventures, former Lazada Group CEO Max Bittner, and Tim Neville, CEO of FNZ.
Hoolah was founded in 2018 and brought the rate-based payment concept to Singapore to help online retailers solve the problem of abandoned shopping carts.
In addition to credit cards, their service also offers an alternative payment option that allows consumers to buy big ticket items as soon as they want.
hoolah works with a variety of retailers such as HipVan, Castlery, Sennheiser and Skin Inc, so buyers can pay for products in three monthly installments with no interest fees.
They had achieved a seven-digit seed increase just eight months after they started.
Today, hoolah's new Series A funds will help the startup double the recently announced launch in Malaysia and drive further expansion.
They also intend to transform their service into an omni-channel solution so customers can use installment payments both online and in physical stores.
The company plans to assume various sales, marketing, and technology roles to drive these growth plans and is also building its team in Malaysia.
"This is a continuation of our plan and vision we had at the beginning," said Stuart Thornton, co-founder and CEO of Hoolah.
"We will continue to focus on integrating our omni-channel solution into new markets and expanding into new industries where consumers like to use Hoolah to do what they want or need to do responsibly."
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Selected image source: Stuart Thornton, Medium