ShopBack extends service to New Zealand

Photo credit: ShopBack

ShopBack has extended its cashback and rewards services to New Zealand. Co-founder Joel Leong announced on LinkedIn that the company is introducing a dedicated mobile app and website specifically designed for Kiwi users.

New Zealand is an extension of ShopBack’s current services in the Australian market. This extension of services includes partnerships with nearly 200 local merchants and brands, offering exclusive deals and enhanced cashback payout options to New Zealand banks, wrote Leong.

The development provides a bright spot for the Singapore-headquartered company after a 20% drop in annual revenue to US$87.7 million for the fiscal year ended March 2023. Its losses before taxes also increased 29% compared to the previous year, though it was due largely to one-time costs associated with staff payments and business mergers.

Notably, the Temasek-backed company cut 24% of its workforce, or 195 people, last month in an effort to streamline operations and ensure long-term viability. The same month, it announced the shutdown of its buy now, pay later service, effective March 22.

According to Tech in Asia‘s database, ShopBack has raised US$331.1 million in disclosed funding. It last raised US$30 million from Australian bank Westpac in late 2022, which brought ShopBack’s total series F round to US$200 million.

See also: ShopBack feels the pinch as voucher revenue dips 50% in FY23