8 December 2022
ShopBack Completes Final Close Of Oversubscribed US$200M Series F With Strategic Investment From Westpac
The ShopBack Group today announced that it has raised US$30 million in equity capital via a strategic investment from Westpac Banking Corporation. The raise follows the Group’s earlier announcement of its US$160 million Series F tranche from Asia Partners and 65 Equity Partners; together with commitments from other new and existing investors, this brings the final close of its Series F round to US$200 million.
The raise will support the Group’s growth efforts across the Asia Pacific as it gears up for the public markets, and will be invested into launching new shopping products for users, developing growth and payments solutions for merchant partners, extending its services to more markets, and building capabilities for public market readiness.
“The outcome of the Group’s Series F raise has far exceeded our own expectations, given the volatility in the capital markets and challenging macroeconomic environment. I am thankful for our shareholders’ conviction in our ability to execute and deliver, and am personally grateful to each ShopBacker who has committed to the vision of the Group and helped build our company together,” said Henry Chan, Co-Founder and CEO of ShopBack Group.
As part of the equity investment, the rewards platform has also entered into a partnership with the Australian bank that will enable Westpac’s customers to gain access to exclusive offers and deals when they shop via ShopBack.
“We’re excited to be investing in one of Asia-Pacific’s leading shopping and rewards platforms, which will help our Australian customers get bonus cashback and rewards at participating merchants when spending online. With more customers choosing to shop online, we’ll also be exploring new ways to expand on this offering within Westpac’s digital channels,” said Steve Rubenstein, Westpac Managing Director, Consumer Finance.
“Westpac’s investment underscores the herculean efforts put in by the ShopBack Australia team in establishing our brand as the leading shopping and rewards app in Australia. This partnership with Westpac will accelerate our efforts to bring the rewarding ShopBack experience to more Australian consumers. We are excited and look forward to a fruitful and fulfilling partnership,” Chan added.
The Group has made significant advances in product innovation and regional expansion this year. In January, it launched ShopBack Pay, where over two million users in Singapore and Australia can now check out conveniently at more than 5,000 merchant outlets. Last December, ShopBack acquired hoolah, a leading “buy now, pay later” (BNPL) player in Southeast Asia. In August, it launched its cashback service in Hong Kong.
ShopBack also recently strengthened its management bench to spearhead its growth efforts, bringing on board Chief Technology Officer San Oo from communications giant Slack Technologies,Commercial Managing Director Alessio Romeni, formerly Chief Revenue Officer of fashion ecommerce powerhouse Zalora, and Global Accounts Managing Director Alexander Yardley, who previously headed up commercial leadership roles at Agoda and eBay Inc.