(L-R): Westpac Chief Digital Officer Jason Hair, Sr.Manager Natalie Park, MD (Consumer Finance) Steve Rubenstein, Australia GM Angus Muffet
The ShopBack Group, which runs a shopping and rewards platform across Asia Pacific, has raised US$30 million in strategic investment from Australia’s Westpac Banking Corporation to close the Series F round at US$200 million.
This follows the Singapore-based group’s earlier announcement of its US$160 million Series F tranche from Asia Partners and Temasek-owned 65 Equity Partners, together with commitments from other new and existing investors.
The raise will support ShopBack’s growth efforts across the Asia Pacific as it gears up for the public markets. The group will use the fresh capital to launch new shopping products for users, develop growth and payments solutions for merchant partners, extend its services to more markets, and build capabilities for public market readiness.
As part of the equity investment, ShopBack will enable Westpac customers to access exclusive offers and deals when they shop via ShopBack.
Also Read: ShopBack banks US$80M Series F funding to deepen its presence in Asia Pacific
“With more customers choosing to shop online, we’ll also be exploring new ways to expand on this offering within Westpac’s digital channels,” said Steve Rubenstein, MD (Consumer Finance) at Westpac.
ShopBack, founded in 2014, offers shopping deals, rewards and payment methods at the users’ fingertips. The group claims it serves over 35 million shoppers across ten markets and powers over US$3.5 billion in annual sales for over 10,000 online and in-store merchant partners.
In 2022, ShopBack launched ShopBack Pay and PayLater.
The group has made significant advances in product innovation and regional expansion this year. In January, it launched ShopBack Pay, allowing two million users in Singapore and Australia to check out conveniently at more than 5,000 merchant outlets.
Last December, ShopBack acquired hoolah, a leading buy-now-pay-later player in Southeast Asia. In August, it launched its cashback service in Hong Kong.
—
Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.
The post ShopBack bags US$30M from Australian bank to close Series F round at US$200M appeared first on e27.