AUSTRALIAN bank Westpac will invest US$30 million in Singapore-based rewards platform ShopBack, the bank said on Thursday (Dec 8).

The latest US$30 million tranche brings ShopBack’s Series F round to a combined US$200 million, after earlier funding rounds garnered some US$170 million in investments from 65 Equity Partners, Asia Partners and other investors.

The tie-up will see some five million Westpac cardholders given exclusive offers through a dedicated page on ShopBack’s app and website, Westpac said. It also sees the deal as step in the bank’s “digital first” strategy, which aims to continually expand the range of online transactions available to Westpac customers.

According to chief digital officer Jason Hair, Westpac is looking at a “further extension” of its relationship with ShopBack and intends to introduce “more integrated channels” to the bank going forward.

ShopBack’s proceeds from its Series F round has previously been earmarked for new product launches, novel solutions for merchants and expansion to more markets. Part of the funds will also be used for a potential public listing.