ShopBack raises US$80 million in new funding spherical

ShopBack raises US million in new funding spherical

SINGAPORE: Buying and rewards platform ShopBack has raised US$80 million of recent capital in a funding spherical led by Asia Companions.

The Collection F spherical brings the entire capital raised by Singapore-based ShopBack to greater than US$230 million. 

ShopBack stated that the capital will likely be used to develop modern merchandise for customers and service provider companions, deepening its presence throughout the Asia Pacific. It would even be invested in “constructing capabilities for public market readiness”, the corporate stated.

“We wish to assist our customers to buy and save smarter, notably on this inflationary financial system with recession looming on the horizon,” stated Mr Henry Chan, co-founder and CEO of ShopBack Group.

Based in 2014, ShopBack at the moment serves greater than 35 million consumers throughout 10 markets, together with Singapore, Malaysia, Indonesia and Australia.

The corporate expanded into monetary companies final yr by buying hoolah, a “purchase now, pay later” participant in Southeast Asia.

It launched ShopBack Pay in January, permitting consumers to pay in-store utilizing their most well-liked methodology of fee equivalent to GrabPay, or credit score and debit playing cards, whereas stacking rewards as they pay.

”That is the right time to again winners, to consolidate their place, and achieve share,” stated Mr Nick Nash, managing accomplice at Asia Companions.

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