Singapore – ShopBack, a Singapore-based shopping and rewards platform, has announced that it has raised US$80 million of new capital in a funding round led by Asia Partners. The funds will will be used to support the Group’s vision to build the shopping and rewards platform across the Asia-Pacific region. Existing investor January Capital also participated in the round.
In addition, 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.
Henry Chan, co-founder and CEO of ShopBack Group, shared, “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,” Chan added.
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 with ShopBack Pay 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.
Meanwhile, Nick Nash, managing partner at Asia Partners, commented, “We are thrilled to be partnering with Henry, Joel, and the ShopBack team to accelerate the growth of one of Asia’s leading internet companies. ShopBack personifies the ideal of a compelling and practical consumer value proposition, being one of the most effective ways for brands to delight their customers and at the same time quantify the value of their marketing budget.”
”This is the perfect time to back winners, to consolidate their position, and gain share,” Nash adds.
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.
Chan further said, “The journey ahead with Nick, Oliver and Brook to build an enduring and independent company is going to be a tremendously exciting one. I feel privileged to be able to leverage their experiences as astute operators and world-class investors to shape a stronger ShopBack,” said Chan.
This new funding brings the total capital raised by ShopBack to over US$230M.