Hoolah is a Singaporean financial technology (fintech) company that initially focused on providing a “buy now, pay later” (BNPL) service for online and offline retail purchases. Founded in 2018 by Stuart Thornton, Arvin Singh, and John Tan, Hoolah aimed to make shopping more affordable and convenient for consumers by allowing them to split their purchases into interest-free installment payments.
Hoolah allowed shoppers to divide their payments into multiple installments, typically three or four, which helped consumers manage their budgets and make larger purchases without the need for credit cards. The service gained popularity in Singapore and other markets.
In 2020, Hoolah underwent a significant transformation and rebranded itself as “ShopBack.” ShopBack is a well-known cashback and rewards platform that offers users cashback on their online purchases across a wide range of categories, including fashion, electronics, travel, food delivery, and more. ShopBack partners with various online retailers and merchants, allowing users to earn a percentage of their purchase price as cashback, which can be redeemed or withdrawn.
The transition from Hoolah to ShopBack reflected the company’s shift in focus from BNPL to cashback and rewards. ShopBack has expanded its services to multiple countries in Southeast Asia and is considered one of the leading cashback and rewards platforms in the region.
Please note that developments in the fintech industry can change rapidly, and the information provided here is based on my last knowledge update in September 2021. There may have been further developments or changes related to Hoolah and ShopBack since that time.
Who are Hoolah’s competitors?
Hoolah, when it operated as a “buy now, pay later” (BNPL) service, had several competitors in the BNPL and fintech space. Some of its competitors included:
- Afterpay: Afterpay is a well-known Australian BNPL provider that allows consumers to split their purchases into interest-free installments.
- Klarna: Klarna is a Swedish fintech company that offers BNPL services and online payment solutions. It operates in various countries and provides a smooth and flexible shopping experience.
- Affirm: Affirm, based in the United States, is another prominent BNPL provider that partners with online retailers to offer installment payment options to consumers.
- Zip Co: Zip Co, an Australian fintech company, offers BNPL services and digital payment solutions to consumers and merchants.
- Sezzle: Sezzle is a BNPL provider that focuses on offering installment payment options to online shoppers, primarily in the United States and Canada.
- Splitit: Splitit is a global BNPL company that allows consumers to split their purchases into monthly payments using their existing credit cards.
It’s important to note that the BNPL market is dynamic, and new competitors can emerge while existing ones may change their services or expand into new regions. Additionally, Hoolah’s transition to ShopBack, which focuses on cashback and rewards rather than BNPL, may have shifted its competitive landscape. For the most current information on Hoolah’s competitors and the BNPL industry, it’s advisable to consult recent financial news and market analysis.
Is Afterpay bigger than Shopback?
As of my last knowledge update in September 2021, Afterpay and ShopBack are two different companies operating in the fintech space, but they have distinct business models and focus on different aspects of the e-commerce and payments industry.
Afterpay is an Australian-based buy now, pay later (BNPL) service that allows consumers to split their purchases into interest-free installments. It has gained significant recognition and a strong user base in various countries, including Australia, the United States, and others. Afterpay’s market capitalization and global presence were notable in the BNPL sector.
ShopBack, on the other hand, is a Singaporean-based cashback and rewards platform. It partners with various online retailers and offers users cashback on their online purchases across multiple categories. While ShopBack provides financial incentives to users, it does not offer BNPL services.
Comparing the size or success of Afterpay and ShopBack directly may not be straightforward because they serve different market segments and have different revenue models. Afterpay’s market capitalization and valuation are based on its position in the BNPL market, while ShopBack’s success is determined by its ability to attract users seeking cashback and rewards.
It’s important to note that the financial landscape can change, and there may have been developments in both companies’ sizes and market positions since my last update in September 2021. To assess the current status of Afterpay and ShopBack, you should consult up-to-date financial reports, news articles, and market analyses.
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