Hoolah announces that it has completed a 7-figure fundraising round, led by AccelerAsia Ventures and Aletra Capital Partners and joined by the likes of iGlobe Partners.
This is to allow hoolah to scale their technology and hire a bigger commercial team to expand its merchant base.
Launched just February this year, hoolah allows online shoppers to pay for their purchases in four installments over two months—without interest charges. According to the company, this provides an opportunity for potential customers to better afford an item, which they think is perfect for Gen-Z and millennial consumers.
The company was born to serve online retailer pain points: customer conversion and cart abandonment. Apparently, 75% of customers end up abandoning their purchases because they can’t afford to part with the amount of cash in one -go. Merchants in turn, lose revenue, customer retention, and are stuck with stock.
“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,” said hoolah CEO Stuart Thornton.
Vincent Veehof, Managing Director at AccelerAsia Ventures said:
“The moment we met Stuart and his founding team for an introductory meeting, we were impressed by the vision and the operational execution capabilities of the team. We wanted to be a part of their journey and support the team by bringing our expertise on board.”
“During our due diligence process, our interest only grew stronger, culminating in our co-leading this seed round. We look forward to working closely with the hoolah team in their expansion across Asia.”
Featured image via hoolah