Singapore’s online shopping rewards app ShopBack has raised USD$80 million in a Series F funding round led by Asia Partners. The latest round brought the total capital raised by ShopBack to more than US$230 million.
Established in 2014, the startup is the brainchild of Henry Chan and Joel Leong, and currently serves more than 35 million shoppers across 10 markets, including Singapore, Malaysia, Indonesia and Australia. The company recently expanded in financial services last year by acquiring Hoolah, a “buy now, pay later” player.
“To merchants, we remain a trusted partner, delivering cost-effective marketing solutions to support their growth aspirations,” said Henry Chan, co-founder and CEO of ShopBack Group.
The company expressed that the capital will go into developing innovative products for users and merchant partners, while also investing in building capabilities for public market readiness.
“We want to help our users to shop and save smarter, particularly in this inflationary economy with recession looming on the horizon," concluded Henry.
This announcement comes follows the launch of ShopBack Pay in January, a payment feature that allows shoppers to pay in-store using their preferred method of payment such as GrabPay, or credit and debit cards, while stacking rewards as they pay.