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ShopBack raises US$45M

To power smarter purchase decisions for Asia Pacific consumers

· ShopBack Insights

ShopBack, the one-stop rewards and discovery platform, has secured US$45M in its latest funding round. New investors include co-leads EV Growth and Rakuten Capital, as well as EDBI, a Singapore government-linked strategic investor, along with other existing investors. Amit Patel, CEO Ebates, Inc., a Rakuten company, and Willson Cuaca, Managing Partner of EV Growth, will join ShopBack’s Board of Directors. The new capital injection brings the company’s total funding to US$83M.

1. (Left to right) Henry Chan, CEO of ShopBack with new board member Amit Patel, CEO of Ebates, Inc. a Rakuten company

(Left to right) Henry Chan, CEO of ShopBack with new board member Amit Patel, CEO of Ebates, Inc. a Rakuten company

Apart from rewarding users with cashback for making online purchases, ShopBack has created many features to enhance users’ buying experiences. Its latest product, ShopBack GO, helps users discover and decide where to eat while saving them time and money. Launched in partnership with Visa and Mastercard, ShopBack GO enables users to dine out and be paid. Data insight provided by ShopBack empowers F&B operators to make better business decisions.

In 2018, ShopBack saw 250% year-on-year growth in orders and sales. The company powered over 2.5 million monthly transactions for more than 7 million users in 7 Asia Pacific countries. ShopBack also delivered close to US$1 billion sales for over 2,000 merchant partners in both the online and offline spaces.

In the same year, ShopBack entered Australia, its first market outside Asia. It also built research and development hubs in Vietnam and Taiwan, tripling its Engineering, Data, and Product Management talent pool.

ShopBack’s new round of funding will be deployed into simplifying shopping experiences, expanding data capabilities to fuel personalisation and business insights, and accelerating growth in key markets. The company remains focused on building rewards and discovery features to deliver delightful online and offline shopping experiences for consumers.

Contributing to the growth of US$240B Southeast Asia’s internet economy [1]

2. (1st from left) New board member Willson Cuaca, Managing Partner of EV Growth with  (3rd from left) Henry Chan, CEO of ShopBack

(1st from left) New board member Willson Cuaca, Managing Partner of EV Growth with (3rd from left) Henry Chan

As Asia Pacific’s dominant rewards and discovery platform, ShopBack’s foray into the offline space opens new growth opportunities for the company.

ShopBack now operates across multiple online lifestyle categories including e-commerce, travel, ride hailing and food delivery. With its growing presence in the offline space, the company is well-positioned to deliver smart shopping solutions tailored to consumers’ evolving purchasing habits. 

The comprehensive view of users’ digital wallet spend enables ShopBack to deliver personalised shopping experiences for its users, as well as targeted and cost-effective marketing solutions for its merchant partners.

Fast expanding against the backdrop of the thriving Southeast Asia’s internet economy, with ecommerce growing at more than 30% each year, ShopBack is on track to becoming the top one-stop rewards and discovery platform in Asia Pacific.

[1] Google-Temasek report revised their projection for Southeast Asia’s internet economy upwards by 20%, to over US$240B in 2025, to account for the higher-than-expected growth momentum seen thus far.

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