Aditya Hadi Pratama · · 1 min readShopBack bags $80m from Asia Partners to be IPO-ready
ShopBack, a Singapore-based shopping and rewards platform, has secured US$80 million in a series F round led by Asia Partners, with participation from January Capital.
With this latest investment, the company has raised over US$230 million in total to date.
Investor and investee: Asia Partners co-founder and partner Oliver Rippel (leftmost), managing partner Nick Nash (second from right), and co-founder and partner Brook Supanusonti (rightmost) flank ShopBack co-founders Henry Chan (second from left) and Joel Leong (center). / Photo credit: ShopBack
Founded by Henry Chan and Joel Leong in 2014, ShopBack allows users to get cashback from their online and offline transactions. It has more than 35 million users across 10 countries and powers US$3.5 billion in annual sales. It also facilitates 1 million shopping journeys for over 10,000 merchant partners every day.
Aside from that, the company has launched payment service ShopBack Pay in Singapore and Australia, and acquired Hoolah to provide buy now, pay later (BNPL) services.
ShopBack plans to use the fresh funds to develop new products, expand its presence in Asia Pacific, and build capabilities for public-market readiness.
See also: How Hoolah fits into Shopback 2.0
Editing by Eileen C. Ang
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