ShopBack, the Singapore-based online rewards platform, is in talks with investors to raise US$150 million for its expansion plans, reported Bloomberg, citing people with knowledge of the matter.
If successful, the funding will boost ShopBack’s valuation and push it towards the US$1 billion unicorn status threshold. The Temasek-backed startup is working with global financial firm Morgan Stanley for the round, the sources said.
In November 2021, ShopBack acquired buy now, pay later firm Hoolah for an undisclosed amount. About a month before this deal, ShopBack had raised US$40 million from Temasek, East Ventures, EDBI, Indies Capital, and January Capital.
Recently, ShopBack has been strengthening its fintech muscle with key appointments, adding former executives from Fave and PayPal to the team. These moves are expected to be part of the company’s plan to build ShopBack 2.0.
See also: How Hoolah fits into Shopback 2.0
Editing by Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
