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How Hoolah Rewrote the BNPL Playbook and Cut CAC With Behaviour-Led Engagement
BNPL pioneer Hoolah moved beyond discount-driven growth to behaviour-led engagement with Perx, reducing customer acquisition costs, reactivating dormant users, and building a sustainable loyalty ecosystem powered by gamification and merchant-funded rewards.
As BNPL adoption surged across Southeast Asia, cashback wars drove acquisition costs up while eroding margins. With 63 percent of users inactive and engagement driven primarily by discounts, Hoolah needed a smarter way to increase usage, protect profitability, and build long-term customer value.
Hoolah partnered with Perx to shift from transactional incentives to behaviour-led engagement. Gamified journeys, referral leaderboards, activation quests, win-back scratch cards, and merchant-funded reward campaigns were deployed rapidly to drive high-value actions across the customer lifecycle. The platform enabled real-time personalisation and allowed campaigns to be launched and iterated in hours instead of months.
Hoolah increased monthly acquisitions by 23 percent while reducing CAC by 67 percent through milestone-based referrals and behavioural engagement. Win-back mechanics reactivated 51 percent of dormant users, while guided onboarding journeys drove 83 percent activation within 30 days. Merchant-funded campaigns increased partner transaction volume by 36 percent, and chance-based reward mechanics lowered reward costs by 19 percent, creating a sustainable engagement engine that improved CLTV and profitability.
See how BNPL leaders turn engagement into sustainable growth. Download the full case study.
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