CASHBACK startup ShopBack will officially launch its website and mobile app in Vietnam on Aug 8, after going through a beta phase that began last year.
According to the company, online shoppers in Vietnam can now earn up to 25 per cent cashback from ShopBack Vietnam's merchants. These include regional brands such as Lazada and Shopee, as well as local brands like business-to-consumer e-commerce platform, Tiki.
ShopBack Vietnam was launched in beta at the end of 2019. Since then, it has acquired over 150 merchants and around 800,000 users, the company said.
ShopBack added that its Vietnam unit has seen a month-on-month increase of over 1.5 times each in both sales and orders this year. To date, four billion dong (S$236,400) in cashback has been given out to ShopBack users in Vietnam, the company said.
Said Josephine Chow, head of expansion at ShopBack: "The increasing number of Internet users, rising Internet penetration, and steady increase of the e-commerce share of total retail sales in Vietnam makes it a core and high-potential market for us."
In April this year, ShopBack acquired fellow online cashback platform Ebates Korea for an undisclosed sum, marking its foray into the South Korean market.
This came shortly after Singapore state investment firm Temasek led the group's extended US$75 million funding round in March.
Founded in Singapore in 2014, ShopBack now serves over 20 million users in nine markets across the Asia-Pacific. ShopBack provides its users with cashback across various categories including general merchandise, travel bookings, fashion, health and beauty, groceries and food delivery.