Singapore rewards and discovery platform ShopBack announced today (March 12) that it has raised US$75 million in an extended funding round led by Temasek, with participation from existing investors such as Rakuten, EDBI, EV Growth, Cornerstone Ventures and 33 Capital.
This brings its total funding to US$113 million since its inception in 2014.
According to ShopBack, this extended funding will be used to enhance its technology infrastructure, expand data capabilities and drive growth in existing markets.
Today, ShopBack has presence in Singapore, Malaysia, Indonesia, the Philippines, Thailand, Taiwan and Australia, serving over 19 million users.
Revolutionising The E-Commerce Scene
ShopBack rewards its users with cashback across a wide range of categories including general merchandise, travel bookings, fashion, health and beauty, groceries, and food delivery.
It is one of the region’s pioneers in app-to-app integration and the first online rewards player to provide a seamless, native app experience to its users.
In Singapore, the company has extended its service offering with ShopBack GO, an app-based rewards platform for in-store shopping, dining, and entertainment.
In 2019, ShopBack saw a 250 per cent year-on-year (YoY) growth in sales and orders, powered over 16 million monthly orders, and delivered more than US$2 billion worth of sales for over 2,500 merchant partners.
ShopBack’s three research and development hubs in Singapore, Taiwan, and Vietnam house a team of over 150 engineering, data and product management talents today.
“As the frontrunner in the rewards space, ShopBack is in a great position to capture an outsized portion of the online shopping boom,” said Henry Chan, CEO and co-founder of ShopBack.
“Product innovation and customer focus are at the core of ShopBack, and we are proud to have transformed the rewards industry by providing users with a simple and seamless way to save while shopping. With the new funding, we will develop new features to help our users save even more money and time by making smarter buying decisions.”
Featured Image Credit: ShopBack