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Cut back or cashback?
These days, the first option is probably on the mind of most consumers across the world as we navigate inflation and a global economic downturn.
But that doesn’t mean that cashback is no longer appealing. At least, you can get something back in return for spending (when you have to).
A platform that helps you do that is ShopBack, one of Singapore’s most prominent homegrown startups. Founded in 2014, the shopping and rewards app allows users to get cashback from their online and offline transactions.
To be honest, I have never used ShopBack in Vietnam. I’m one of those impatient consumers who just want to get the shopping done as quickly as possible. Sometimes that might mean I overlook rewards that a platform like ShopBack could offer.
Even excluding me, ShopBack still has about 35 million users across Southeast Asia, Australia, South Korea, and Taiwan. The startup recently bagged US$80 million in new funding, which could potentially help it become IPO-ready.
But will offering cashbacks be enough? In this week’s Hot Take, my colleague Melissa Goh looks into ShopBack’s latest round and how reinvention through financial services is in the cards for the company.
– Huong
THE HOT TAKE
Can ShopBack’s $80m reinvention take it to IPO?
Image credit: TImmy Loen
A cashback platform may not excite investors, but one with a fintech spin may be a different story.
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