Temasek-backed ShopBack raises US$80m led by Asia Partners
SHOPPING and rewards platform ShopBack said it has raised US$80 million in a Series F funding round led by growth investor Asia Partners, with participation from existing investor January Capital.
This brings the total capital raised by ShopBack to over US$230 million, the company said.
Last December, ShopBack acquired “buy now, pay later” (BNPL) player hoolah as part of its foray into financial services. ShopBack recently launched a feature called ShopBack Pay to allow over 2 million users in Singapore and Australia to pay at more than 3,000 merchant outlets.
Founded in 2014, the company operates across 10 markets and said it powers over US$3.5 billion in annual sales for at least 10,000 online and in-store merchant partners.
“We want to help our users to shop and save smarter, particularly in this inflationary economy with recession looming on the horizon,” said chief executive and co-founder Henry Chan.
ShopBack has been beefing up its management team. In April, it announced the appointment of Slack’s former vice-president of engineering as chief technology officer. San Wai Oo leads ShopBack’s 250-person technology team.
In January, ShopBack brought on board Hamish Moline, the former chief commercial officer and managing director (Asia and global payments) at Australia-listed BNPL player Zip. Moline serves as managing director, financial services at ShopBack.
In 2016, ShopBack was one of the winners at the Emerging Enterprise Awards, organised by The Business Times and OCBC Bank.
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