ShopBack triples revenue in 2022, operating losses widen 72%

Photo credit: ShopBack

ShopBack, the Singapore-based shopping and rewards platform, posted a 3x increase in revenue to US$130.6 million in the financial year ending March 31, 2022.

This comes as the Singapore firm’s growth in gross billings outweighed its increased expenses for user incentives in the year.

The company also saw its operating losses widen by 72% to US$43.2 million in the same period compared to US$25.1 million in the previous year. Cost of sales was the largest contributor to ShopBack’s operating losses, rising around 4.5x year on year to US$94.5 million.

Notably, the company acquired Hoolah in November 2021. The deal gave the 30 million shoppers on ShopBack’s platform access to Hoolah’s buy now, pay later (BNPL) service.

In FY 2022, voucher sales remained the biggest source of revenue for ShopBack, bringing in US$96.4 million. BNPL, which was a fresh venture for the company at the time, pulled in about US$770,000.

ShopBack has integrated Hoolah’s services, rolling out its own BNPL offering in July 2022 in Singapore and Malaysia.

Overall, ShopBack’s loss for the year saw a slight improvement, recording US$67 million in 2022 compared to US$69.3 million in the previous year.

Tech in Asia has reached out to ShopBack for comment.

As it prepares for a public listing, ShopBack raised US$30 million in equity from Australia-based Westpac Banking Corporation in December 2022. This funding brings the company’s total series F round to US$200 million.

In a previous interview with Tech in Asia, CEO and co-founder Henry Chan said ShopBack is “still early in the process and evaluating options” regarding its IPO plans.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.34.

See also: ShopBack doubles revenue in FY 2021, trims operating losses