ShopBack reported it is profitable this quarter, according to a post by its cofounder, Joel Leong.

The Singapore-based cashback platform said users earned US$40 million in cashback.

Its merchant partners saw US$1.2 billion in sales driven by the platform.

ShopBack operates across Asia Pacific, connecting consumers with online and offline retailers through cashback rewards.

The company did not disclose further financial details or independent verification of these figures.

Separately, ShopBack clarified in its statement to Tech in Asia that it was “net income positive” instead.

It “is not the same as being fully profitable in the broader sense,” the company added in a September 10 email.

🔗 Source: Joel Leong

🧠 Food for thought

1️⃣ Platform economics demonstrate strong unit improvement at scale

ShopBack’s profitability milestone illustrates how cashback platforms can achieve sustainable economics once they reach sufficient transaction volume.

The company now processes over 500,000 daily transactions across 50 million shoppers and 20,000+ merchant partners, generating $1.2 billion in merchant sales this quarter alone12.

This scale allows ShopBack to optimize its take rate, the percentage it keeps from each transaction, while still delivering meaningful value to both sides of its marketplace.

The platform’s evolution from a 6-person startup in 2014 to a 600+ employee company across 13 markets demonstrates the substantial operational leverage that emerges in two-sided marketplace businesses3.

ShopBack’s achievement of three consecutive quarters of adjusted EBITDA profitability suggests the company has successfully navigated the challenging transition from growth-focused spending to sustainable unit economics1.

2️⃣ Market timing positions cashback platforms for continued expansion

Recent ShopBack developments