International Business & Economy ShopBack getss close to USD40M in funding

ShopBack getss close to USD40M in funding

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ShopBack the one-stop lifestyle portal that powers smarter purchase decisions, raised USD25M in its latest funding round, bringing the company’s total funding raised to date close to USD40M.

The round was led by Credit Saison, the largest credit card and retail finance company in Japan. More than 10 institutional investors participated in the round, including new investors Blue Sky and Intouch Holdings PLC, as well as existing investors SoftBank Ventures Korea, Singtel Innov8, Qualgro and East Ventures.

“Cashback served as the cornerstone for ShopBack’s establishment in Malaysia and laid the foundation for us to build smarter shopping solutions,” said Alvin Gill, ShopBack Malaysia’s Country General Manager.

“Living up to our value proposition as ‘The Smarter Way’, we have recently added service aggregation features for the rides to simplify purchase decisions for our users. We strive to become the one-stop shopping and lifestyle portal for every Malaysian,” said Alvin. 

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Today, ShopBack powers close to 1,000 orders per hour, with an annualised sales figure of over USD300M for more than 1,300 partner merchants across the online retail, travel and lifestyle verticals. Over three and half million consumers across six countries in the Asia Pacific have signed up with ShopBack since the company’s inception in 2014.

“ShopBack’s business model builds on the explosive growth of ecommerce in the Asia Pacific to drive tangible value for its users and cost-efficient sales generation for its partner merchants,” said Sean Lee, Partner of SoftBank Ventures Korea.

“The model enables ShopBack to leverage user insights across shopping categories and develop smarter shopping solutions such as cross-category recommendations,” Lee said.

The three-year-old start-up previously disclosed two seed funding rounds totaling to over USD1M. This latest round of funding will be used to drive three key areas of development – acquiring world-class talent, launching new product features and establishing market leadership.

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