ShopBack, an e-commerce platform that aggregates cashback promotion deals, says it has raised a USD 45 million funding led by EV Growth and Rakuten. Other investors include EDBI and Softbank Ventures Asia. Shopback has raised USD 83 million since it was founded in 2014.
The company will utilize this fresh investment to innovate, expand its data analysis capabilities to provide better insights for its business partners, and to accelerate growth in its main markets.
ShopBack connects sellers and customers by offering cashback — a cash incentive for every online purchase on its platform, sometimes up to 30%. This is meant to boost consumers’ willingness to make purchases and at the same time helps to generate marketing insights for merchant partners. In December 2018, the company launched the ShopBack GO program that allows users to earn cash back when they dine out, which brought in a suit of restaurants into the merchant network.
ShopBack claims to be the leading player in Southeast Asia’s e-commerce cashback market, processing 2.5 million transactions per month with 7 million users in 2018. Moreover, sales turnover on its platform reached USD 1 billion in 2018, the firm says. The platform currently collaborates with over 2.000 merchant partners and has a presence in Singapore, Malaysia, Indonesia, the Philippines, Thailand, Taiwan, and Australia, with current team size of 200 people.
“ShopBack’s rapid growth of both users and merchant partners shows that the programs provided by ShopBack benefit both,” ShopBack CEO Henry Chan said in an official statement. “We are happy to help users save their time and money.”
The CEO of Ebates, a subsidiary of Rakuten, and Willson Cuaca the managing partner of EV Growth will join ShopBack’s board of directors.
Editor: Nadine Freischlad
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