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Another BNPL player in the mix

Online shopping coupon and rewards provider ShopBack will acquire Asian buy now pay later company hoolah.

ShopBack announced yesterday that it had received approval from hoolah shareholders for a 100 per cent acquisition.

Launched in 2014, ShopBack claims to have 8000 merchants, 30 million shoppers and more than A$600 million of annual sales on its platform, which operates in several Asian countries and Australia.

hoolah was launched in 2018 and is active in Singapore, Malaysia and Hong Kong, with around 2000 merchant partners. The company does not currently operate in Australia.

ShopBack Australia general manager Angus Muffet said in a statement that the acquisition of hoolah would allow ShopBack to offer more flexible payment options.

He said the merged company would look for expansion opportunities in the Asia Pacific.

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