ShopBack raises $80m from Temasek-backed 65 Equity Partners

ShopBack has entered into a subscription agreement to raise US$80 million in the second tranche of its series F round from 65 Equity Partners. The Singapore-based shopping and rewards platform’s latest backer is a Temasek-backed investment firm with US$3.3 billion in assets under management.

Combined with a US$80 million tranche led by Asia Partners in July, ShopBack has secured US$160 million for its series F round. With the deal, the startup has raised over US$310 million in total to date.

ShopBack co-founders Joel Leong (far left) and Henry Chan (far right), along with 65 Equity Partner CEO Tan Chong Lee (second from right) and investment principal Adrienne Teh / Photo credit: ShopBack

The completion of the investment is still pending regulatory approvals. Once completed, 65 Equity Partners will join ShopBack’s board of directors and play a direct role in supporting the startup’s readiness to go public.

“This investment aligns strategically with our mandate of supporting high-growth businesses as well as facilitating their potential listings on the Singapore Exchange,” said Tan Chong Lee, CEO of 65 Equity Partners.

See also: How Hoolah fits into Shopback 2.0

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. The platform also facilitates 1 million shopping journeys for over 10,000 merchant partners every day.

The company had also launched payment service ShopBack Pay in Singapore and Australia, and acquired Hoolah to provide buy now, pay later services. In August, Shopback also launched its cashback service in Hong Kong.

The firm plans to use the fresh funding to develop more products for users and merchant partners, expand to new countries, and build capabilities for public market readiness.