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 more information, please visit https://www.shopback.co.kr/
The ShopBack Group is Asia-Pacific’s leading shopping, rewards, and payments platform, serving over 40 million shoppers across 11 markets. In 2023, the Group expanded its offerings into Germany, signalling its entry into the European market.
Driven by the vision to be the world's most rewarding way to shop, ShopBack is dedicated to saving members money and time, while delivering delightful experiences with every purchase. The platform also enables merchants and brands to engage with their members in a cost-effective manner.
Founded in 2014, ShopBack now powers over US$4 billion in annual sales for over 20,000 online and in-store partners. Facilitating upwards of half a million transactions daily, ShopBack continues to provide value to both members and merchants through its innovative offerings. Notably, its payment solution, ShopBack Pay, offers members a convenient and rewarding payment option at checkout.
