SINGAPORE: Shopping and rewards platform ShopBack raised $80 million in new capital in a funding round led by Asia Partners.
The Series F funding round brings the total capital raised by Singapore-based ShopBack to over US$230 million.
ShopBack said the capital will be used to develop innovative products for users and merchant partners, strengthening its presence throughout the Asia-Pacific region. It will also be invested in “building capacity for public market readiness,” the company said.
“We want to help our users shop and save smarter, especially in this inflationary economy with a looming recession,” said Mr. Henry Chan, co-founder and CEO of ShopBack Group.
Founded in 2014, ShopBack currently serves over 35 million shoppers in 10 markets, including Singapore, Malaysia, Indonesia and Australia.
Last year, the company expanded into financial services by acquiring hoolah, a “buy now, pay later” player in Southeast Asia.
It launched ShopBack Pay in January, allowing shoppers to pay in-store using their preferred payment method such as GrabPay, or credit and debit cards, while earning rewards as they pay.
“Now is the perfect time to support winners, to consolidate their position and gain share,” said Mr. Nick Nash, Managing Partner at Asia Partners.