ShopBack is a cashback reward program available across Asia-Pacific with over 5 million members on its platform. It allows online shoppers to receive a small percentage of their purchases on the platform, paid for through affiliate programs by the merchant. The platform also provides coupons, voucher codes, and comparison features.
ShopBack announced that it has amassed a total of US$75 million in its extended funding round led by Temasek, an investment company owned by the Government of Singapore. The new capital will be used to expand its footprints to new markets in Asia and branch out its cashback service.
“As the frontrunner in the rewards space, ShopBack is in a great position to capture an outsized portion of the outline shopping blossom,” said Henry Chan, co-founder and CEO 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,” said
With the plans of expansion, the new capital will greatly help drive ShopBack’s growth across countries it currently operates including Australia, Indonesia, Malaysia, Singapore, Taiwan, Thailand, and the Philippines.
The e-commerce company is currently partnered with over 1,300 brands from all over the world, including giant companies like Amazon, Booking.com, eBay, ASOS, Zalora, Woolworths Online, Lazada, Uber, Grab, Shopee, Tokopedia, GoWabi, Blibli.com, and Alibaba.