Singapore-based ShopBack has raised US$80 million in a funding round led by Asia Partners, with participation from existing investor January Capital.
This round brings the total capital raised to over US$230 million, the company said in a press note.
The capital will be used to develop new and innovative products for users and merchant partners and deepen its presence across the Asia Pacific region.
The announcement comes on the heels of the launch of ShopBack Pay, which enables users in Singapore and Australia to check out “conveniently” at more than 3,000 merchant outlets.
Also Read: Makan For Hope: Lessons on launching into new markets with Shopback co-founder Henry Chan
Launched in 2014, ShopBack provides cashback to users across fashion, beauty, F&B, electronics, travel and food delivery. Currently, it operates in Malaysia, Indonesia, the Philippines, Taiwan, Thailand, and Australia, besides Singapore. The company boasts of supporting over US$3.5 billion in annual sales for more than 8,000 online and in-store merchant partners, including Taobao, Expedia and Shopee.
ShopBack recently appointed San Oo (formerly with Slack Technologies) as CTO and Hamish Moline (former Chief Commercial Officer of ASX-listed Zip Co) MD, Financial Services.
In November 2021, ShopBack acquired the buy-now-pay-later company hoolah for an undisclosed amount as part of its foray into financial services. A year earlier, it bought South Korea’s largest online cashback platform Ebates Jorea from Japanese e-commerce giant Rakuten, a backer of ShopBack’s US$45 million funding round in 2019.
“We want to help our users shop and save smarter, particularly in this inflationary economy with a recession looming. Each day, we send more than one million shopping journeys to over 10,000 partner merchants, where consumers can discover deals, compare products, get rewarded and pay for their purchases,” said Henry Chan, Co-Founder and CEO of ShopBack Group.
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