Shopback bags US$80m in funds, plans to expand APAC presence

Shopback has raised US$80 million of new capital in a funding round led by Asia Partners to support its vision to build the leading shopping and rewards platform across APAC. The total capital raised by Shopback will now be over US$230 million which will be invested into developing new, innovative products for users and merchant partners, deepening its presence across the Asia Pacific, and building capabilities for public market readiness. 

Its existing investor, January Capital, participated in the round as well. The announcement comes shortly after the launch of ShopBack Pay, an e-payment platform where over two million users in Singapore and Australia can check out with ShopBack Pay at over three thousand merchant outlets. Shopback declined to comment on MARKETING-INTERACTIVE's queries.

Henry Chan, co-founder and CEO of Shopback (pictured second from left) stated that the brand wants to help its users to shop and save smarter. “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,” he said.

Nick Nash, managing partner at Asia Partners said: “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.”

According to Shopback, it had recently strengthened its management team to increase its growth efforts. April this year, it had appointed San Oo as its chief technology officer, formerly based in San Francisco as VP of engineering at Slack, a business communications platform.

It had also appointed Hamish Moline as the managing director, financial services in January, previously the chief commercial officer and MD, Asia and Global Payments at ASX-listed Zip Co Limited, an Australian financial technology company. In February, Shopback also appointed Jeremy Lim as its marketing head. He was formerly with YouTrip as country manager.

Separately, last November, it acquired buy now pay later brand hoolah as part of its efforts to drive US$3.5 billion sales that year. ShopBack's spokesperson said that it made the acquisition in cash and stock, but declined to disclose the monetary value of the acquisition.

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