ShopBack Extends Series F With US$30 Million From Westpacby Fintech News Singapore December 8, 2022
Shopping and rewards platform ShopBack has extended its Series F fundraise yet again with an investment of US$30 million (AU$44 million) from Australian multinational banking and financial services company Westpac.
Shopback begun its Series F raise in June with US$80 million which was extended by an additional US$80 million just three months later. The firm also bagged US$10 million from several new and existing investors.
This brings ShopBack’s total funds raised for this tranche to US$200 million. The company has managed to amass US$350 million so far with this latest raise.
Through this partnership, more than five million Westpac credit and debit card customers will be able to access exclusive cashback offers via a dedicated Westpac hub in the ShopBack app and website from today onwards.
The ShopBack Group has operated in Australia since 2018, with more than two million Australians registered to get cashback for shopping online at more than 3,000 participating retailers.
“Tens of thousands of our customers already shop with ShopBack and will now be able to benefit from exclusive offers and deals via the Westpac hub, putting cashback in their ShopBack account.
This builds on other features we are giving customers to help manage their money, including the recent integration of personal budgeting tools within the Westpac mobile banking app,”
said Jason Hair, Chief Digital Officer of Westpac.
“We’ve co-created a seamless experience for Westpac customers to earn additional rewards simply by shopping through ShopBack with their Westpac credit or debit cards.
With Australians paying close attention to their spending at the moment, we plan to roll out new features for this partnership over time to save them money on everyday purchases,”
said Angus Muffet, General Manager of ShopBack Australia.