SHOPBACK Group, a Singapore-based cashback and rewards platform, posted US$87.7 million in revenue for the financial year ended March 2023, a 20 per cent year-on-year decline.

The Temasek-backed startup’s voucher revenue fell by more than 50 per cent over the same period.

The company’s losses before tax also widened by 29 per cent year on year as one-off employee and M&A expenses affected growth. In contrast, ShopBack had seen a slight improvement in losses for FYE 2022 compared to the previous financial year.