ShopBack Secures US$80m In Series F Funding
This brings the Singapore-started online shopping rewards app’s total capital raised to more than US$230 million
US$80 million is the latest funding raised by ShopBack, a Singapore-started online shopping rewards app with presence in 10 markets across Asia-Pacific. The Series F investment round was led by Asia Partners and participated by existing investor January Capital.
With this, Shopback’s total capital raised so far exceeds US$230 million.
The company says it will use the fresh funds to develop new products for users and cost-effective solutions for merchant partners.
In December last year, the company fully acquired BNPL (buy now, pay later) player Hoolah, as part of its move into financial services. This led to the release of PayLater, which lets shoppers to pay for their items in three interest-free installments. Globally, demand for BNPL has risen tremendously, with research expecting its market size to surpass US$3.2 trillion by the year 2030.
This year, ShopBack also kicked start its year with the launch of ShopBack Pay in January. This allows shoppers in Singapore and Australia to pay in-store using their preferred method of payment while accumulating rewards at the same time.
ShopBack was started in 2014 by Henry Chan and Joel Leong, and has since become one of Asia’s leading shopping and rewards platform. It serves 35 million shoppers and partners over 10,000 merchants, for which it facilitates more than US$3.5 billion in annual sales.
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