Payments startup hoolah raises 8-figure sum in Series A round

PAYMENTS startup hoolah has raised an eight-figure sum in its Series A round, which was led by Allectus Capital, a venture capital firm that is part of private equity firm ICM, it said on Wednesday.

Other investors comprise Singapore-based iGlobe Ventures, which participated in hoolah's seed round, while new investors include Genting Ventures and Max Bittner, the former group chief executive officer of e-commerce firm Lazada.

The funds will be used to double down on the startup's recently announced launch in Malaysia and to fuel further expansion. It will also build an omnichannel solution which will enable customers to shop online and in-store.

The startup's "buy now, pay later" payment solution allows consumers to initially pay for one-third of the product's cost before forking out the remaining amount in two interest-free instalments later on.

hoolah pays partner merchants upfront for the product and takes on the credit and fraud risk. Partners pay a transaction fee for every customer order made through hoolah.

According to hoolah's website, its partners include HipVan, Castlery, H2 Hub, Skin Inc and Sennheiser.

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The startup said it is currently hiring across sales, marketing and technology functions, with new roles being posted in Malaysia as well.