Singapore-based shopping and rewards platform ShopBack announced today (June 24) that it has raised US$80 million in a latest Series F round, led by by Asia Partners. Existing investor January Capital also participated in the round.
This fresh injection of funds brings the total capital raised by ShopBack to over US$230 million. Last October, ShopBack raised US$40 million in a round participated by Temasek, EDBI, East Ventures, Indies Capital, and January Capital.
According to ShopBack, the funding will be used to support its growth across the Asia Pacific region. Particularly, it will be invested into developing new and innovative products for users and merchant partners, and building capabilities for public market readiness.
ShopBack recently strengthened its management bench to spearhead its growth efforts, bringing onboard Chief Technology Officer San Oo from communications giant Slack Technologies, and Managing Director for Financial Services Hamish Moline, who is the former 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,” said Henry Chan, co-founder and CEO of ShopBack Group.
“To merchants, we remain a trusted partner, delivering cost-effective marketing solutions to support their growth aspirations.”
This announcement follows the Group’s recent 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 leading “buy now, pay later” (BNPL) player in Southeast Asia, as part of its foray into financial services.
Featured Image Credit: ShopBack
