Southeast Asia’s on-line procuring and rewards platform ShopBack has signed an settlement with Temasek-backed 65 Fairness Companions to lift US$80 million.
The announcement follows an earlier US$80 million tranche led by Asia Companions in July 2022, bringing the full capital raised within the Sequence F spherical to US$160 million.
The completion of the increase is topic to customary regulatory approvals.
Following the funding, 65 Fairness Companions will be part of ShopBack’s Board of Administrators and immediately help its public readiness efforts.
The recent infusion will assist ShopBack develop its platform throughout the Asia Pacific area. The capital can even be used to launch new procuring merchandise for customers, develop development and funds options for service provider companions, lengthen its companies to extra markets, and construct capabilities for public market readiness.
Additionally Learn: ShopBack acquires hoolah to strengthen ‘purchase now, pay later’ choices in Asia Pacific
Henry Chan, Co-Founder and CEO of ShopBack, stated: “Over the approaching months, we can be rolling out options that can improve the procuring expertise for our customers, whereas to our service provider companions, we stay a trusted development accomplice, delivering cost-effective advertising options to help their development aspirations.”
Established in 2014, ShopBack affords many procuring offers, rewards and fee strategies on the customers’ fingertips. The platform claims to serve over 35 million customers throughout ten markets.
The corporate stated it powers over US$3.5 billion in annual gross sales for over 10,000 on-line and in-store service provider companions. It has a presence in Singapore, Malaysia, Indonesia, the Philippines, Thailand, Taiwan, and Hong Kong.
The group has superior product innovation and regional growth this yr. In January, it launched ShopBack Pay for its 2 million customers in Singapore and Australia to take a look at conveniently at greater than 3,000 service provider shops.
In November 2021, ShopBack acquired the buy-now-pay-later firm hoolah for an undisclosed quantity as a part of its foray into monetary companies. A yr earlier, it purchased South Korea’s largest on-line cashback platform Ebates Jorea from Japanese e-commerce big Rakuten, a backer of ShopBack’s US$45 million funding spherical in 2019.
“This funding aligns strategically with our mandate of supporting high-growth companies led by founders and entrepreneurs of their continued enterprise growth, in addition to facilitating their potential listings on the Singapore Trade,” stated Tan Chong Lee, CEO of 65 Fairness Companions.
ShopBack additionally not too long ago strengthened its administration bench to spearhead its development efforts, bringing on board CTO San Oo from communications big Slack Applied sciences, Business MD Alessio Romeni, previously CRO of Zalora, and International Accounts MD Alexander Yardley, who beforehand headed up industrial management roles at Agoda and eBay.
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