Temasek-Backed ShopBack Secures US$80 Million in Series Fby Fintech News Singapore June 24, 2022
Shopping and rewards platform ShopBack announced that it has raised US$80 million in a funding round led by Asia Partners, bringing its total funds raised to over US$230 million.
ShopBack’s existing investor January Capital had also participated in the funding round.
The capital will be invested into developing new and innovative products for users and merchant partners, deepening its presence across the Asia Pacific, and building capabilities for public market readiness.
ShopBack’s mobile app offers a plethora of shopping deals, rewards and payment methods at the users’ fingertips.
The announcement comes on the heels of the launch of ShopBack Pay, where over two million users in Singapore and Australia can now check out conveniently at more than 3,000 merchant outlets.
Last December, ShopBack acquired hoolah, a “buy now, pay later” (BNPL) player in Southeast Asia, as part of its foray into financial services.
ShopBack also recently strengthened its management bench to spearhead its growth efforts, bringing on board Chief Technology Officer San Oo from communications giant Slack Technologies; and Managing Director for Financial Services Hamish Moline, formerly Chief Commercial Officer of ASX-listed Zip Co Limited.
“We want to help our users to shop and save smarter, particularly in this inflationary economy with recession looming on the horizon. 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.
To merchants, we remain a trusted partner, delivering cost-effective marketing solutions to support their growth aspirations,”
said Henry Chan, Co-Founder and CEO of ShopBack Group.