28 April 2020 – ShopBack, Asia Pacific’s leading rewards and discovery platform, has acquired Ebates Korea, the nation’s largest online cashback platform, marking its expansion into South Korea. Beginning today, Ebates Korea will cease operations and users will be directed to the ShopBack Korea beta platform. The official launch of the new ShopBack Korea is tentatively slated for mid-2020.
The deal will grow ShopBack’s user base and strengthen its roster of merchants offering cashback through its properties, which will now include major Korean brands such as Gmarket, Wemakeprice, and 11Street. Following the acquisition, ShopBack is expected to serve over 500,000 customers in South Korea this year.
“We constantly evaluate new opportunities to connect with and serve more consumers, and acquiring Ebates Korea presents a unique opportunity to enter the South Korean market from a position of strength,” said Henry Chan, CEO and Co-Founder, ShopBack. “South Korea’s digitally mature mindset and rapid adoption of e-commerce makes it a core and high-potential market for cashback platforms. By entering the market through the acquisition of Ebates Korea, we will be able to leverage its strong local presence to quickly become the nation’s leading cashback platform.”
“ShopBack’s acquisition of Ebates Korea is a tremendous endorsement of the high quality product and reputation that we built and established in that market over the years,” said Amit Patel, CEO, Rakuten Americas and Rakuten Rewards. “ShopBack’s proven executional and operational capabilities will establish ShopBack as the top cashback platform in Korea and strengthen its leadership in the Asia Pacific region. We are excited about what this fresh start for the cashback business in Korea will mean for Ebates Korea’s employees, merchants, and customers.”
South Korea is one of the biggest e-commerce markets worldwide and ShopBack Korea will bring more choices, discovery, and savings to their fast-growing demographic of online shoppers. Shoppers can make purchases via the ShopBack Korea platform and earn up to 15% cashback on their purchases in categories like Fashion, Beauty, and Electronics.
“Launching ShopBack Korea will be a major step forward for us in fulfilling our mission to create a world of Smarter Shoppers. We look forward to bringing the high-quality ShopBack experience that our users know and love to even more shoppers,” added Chan.
For media enquiries, please contact:
Regional Public Relations Lead, ShopBack