Singapore-based cashback startup ShopBack has raised $40 million funding in an investment round led by Temasek, East Ventures, Indies Capital, EDBI, and January Capital.
The fresh funding was announced in March but has been filed with regulators this week after getting a nod from the Australian Foreign Investment Review Board.
This investment takes ShopBack’s total funding to $145 million. The startup had raised $75 million last year in March.
ShopBack will be using the fresh inflow of funds to onboard new merchants and customers as well as to develop new products for physical and ecommerce stores.
The company claims that its revenue has increased by 150% in 2020.
ShopBack has 30 million users on its platform and has assisted with more than $7.3 billion in revenue for more than 5000 merchant partners.
According to CEO and Co-founder Henry Chan, ShopBack will remain focused on creating value for its merchants and users. In an interview with Yahoo in 2020, the company said that may also look at an IPO in the near term.
The startup has been more focused on optimizing the business and rationalizing its cost structure during the pandemic to ensure that it operates effectively with limited assets.
ShopBack aims to keep its expenses as low as possible without considerably decelerating the business growth, while also innovating on new features.
About ShopBack
Founded in 2017 by Henry Chan, Bryan Chua, Lai Shanru, and Joel Leong, ShopBack offers a one-stop lifestyle portal that enables its users to make smart purchase decisions. The startup is one of the dominant players in South East Asia’s cashback ecommerce segment.
ShopBack has its presence in Singapore, Indonesia, Malaysia, Thailand, the Philippines, Australia, and Taiwan and records 1000 orders per hour.
ShopBack enhances the shopping experience by offering up to 30 percent cashback to consumers and offers cost-effective marketing solutions to its merchant partners. The startup has more than 1300 merchant partners, including Expedia, Uber, and Lazada.
The startup has also been awarded as the winner of the Gold award in the best startup in the growth-stage category and at the 7th Singapore Infocomm Technology Federation Awards, it won the silver award in the Best Innovative Infocomm Products category.
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