The capital will be invested into developing new and innovative products for users and merchant partners, deepening its presence across the Asia Pacific, and 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. Each day, we send more than one million shopping journeys to over 10,000 partner merchants, where consumers can discover deals, compare products, get rewarded, and pay for their purchases,” said Henry Chan, Co-Founder and CEO of ShopBack Group. “To merchants, we remain a trusted partner, delivering cost-effective marketing solutions to support their growth aspirations,” he added.
The announcement comes on the heels of the launch of ShopBack Pay, where over two million users in Singapore and Australia can now check out conveniently with ShopBack Pay at more than 3,000 merchant outlets. Last December, ShopBack acquired hoolah, a leading “buy now, pay later” (BNPL) player in Southeast Asia, as part of its foray into financial services.
“We are thrilled to be partnering with Henry, Joel, and the ShopBack team to accelerate the growth of one of Asia’s leading internet companies. ShopBack personifies the ideal of a compelling and practical consumer value proposition, being one of the most effective ways for brands to delight their customers and at the same time quantify the value of their marketing budget,” said Nick Nash, Managing Partner at Asia Partners. ”This is the perfect time to back winners, to consolidate their position, and gain share,” added Nash.
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; and Managing Director for Financial Services Hamish Moline, formerly Chief Commercial Officer of ASX-listed Zip Co Limited.
“The journey ahead with Nick, Oliver and Brook to build an enduring and independent company is going to be a tremendously exciting one. I feel privileged to be able to leverage their experiences as astute operators and world-class investors to shape a stronger ShopBack,” said Chan.
The ShopBack Group is Asia-Pacific’s leading shopping and rewards platform, serving over 35 million shoppers across ten markets. Founded in 2014, ShopBackers across the region come together with a singular mission: to make shopping rewarding, delightful, and accessible for all.
By joining forces with leading Buy Now, Pay Later (BNPL) player hoolah and with the launch of ShopBack Pay, the Group now also offers shoppers responsible and convenient payment options at checkout.
The Group powers over US$3.5 billion in annual sales for over 10,000 online and in-store merchant partners. Through integrating Buy Now, Pay Later service hoolah and launching ShopBack Pay and PayLater, ShopBack extends the platform's offerings into financial services, providing shoppers with more convenient payment options.
Asia Partners is a private growth equity firm focused on the next generation of high-growth technology companies that will transform the Southeast Asia economy.
Its mission is to empower Southeast Asian founders to build a new generation of tech giants, through deploying capital that directly addresses the region’s ‘Series C/D Gap’, and expertise in operating skills, drawing upon its collective experience of growing eight multi-billion dollar companies, including three in Southeast Asia.
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.
