ShopBack secures US$45 million in fresh funding
Rewards program ShopBack has secured a further US$45 million in its latest funding round.
Joining the shareholders’ register are newcomers including Japanese e-commerce giant Rakuten, EV Growth, and EDBI, a Singapore government-linked strategic investor.
Amit Patel, CEO of Rakuten subsidiary Ebates and Willson Cuaca, managing partner at EV Growth, will join ShopBack’s board of directors. The new funding round takes the total investment in Shopback to $83 million.
ShopBack has recently been expanding its core services beyond its original cashback service for online shoppers. Among them, Shopback Go, in partnership with Visa and Mastercard, which enables users to dine out and earn rewards.
Last year, ShopBack experienced 250 per cent year-on-year growth in both orders and sales. The company powered more than 2.5 million monthly transactions for more than 7 million users in seven Asia-Pacific markets, and delivering close to $1 billion sales for more than 2000 merchant partners, both online and offline.
ShopBack also entered Australia last year, its first market outside Asia, and opened research and development hubs in Vietnam and Taiwan.
The company says the fresh funding will be invested in “simplifying shopping experiences, expanding data capabilities to fuel personalisation and business insights, as well as accelerating growth in key markets”.