ShopBack raises $45 million to power smarter purchase decisions

ShopBack is a rapidly growing digital loyalty and discovery platform, with a mission to create a world of smarter shoppers.

New investors spending money into ShopBack include co-leads EV Growth and Rakuten Capital, as well as EDBI, a government-linked strategic investor, along with other existing investors, raising the number of ShopBack's investors to 16.

Amit Patel, CEO Ebates, Inc., under Rakuten, and Willson Cuaca, managing partner of EV Growth, will join ShopBack’s board of directors (BoD). The new capital injection brings the company’s total funding to $83 million.

Apart from rewarding users with cash back for making online purchases, ShopBack has created many features to improve users’ buying experiences. Its latest product, ShopBack GO, helps users discover and decide where to eat while saving time and money for users.

Launched in partnership with Visa and Mastercard, ShopBack GO enables users to dine out and get paid. The product also empowers food and beverage (F&B) operators to make better business decisions with data insights powered by ShopBack.

In 2018, ShopBack saw 250 per cent year-on-year growth in orders and sales. The company powered over 2.5 million monthly transactions for more than seven million users in seven Asia Pacific countries and delivered close to $1 billion in sales for over 2,000 merchant partners in both online and offline spaces.

In the same year, ShopBack entered Australia, its first market outside Asia. It also opened research and development hubs in Vietnam and Taiwan, driving a threefold increase in its engineering, data, and product management talent pool.

ShopBack’s new round of funding will be deployed into simplifying shopping experiences, expanding data capabilities to fuel personalisation and business insights, as well as accelerating growth in key markets.

The company remains focused on building rewards and discovery features to enhance both online and offline shopping experiences for consumers across the Asia Pacific.

Building world-class solutions that impact millions in Asia Pacific

ShopBack is at the forefront of developing innovative solutions that simplify shopping experiences for users and provide pay-per-sale marketing for merchant partners. As the dominant rewards and discovery platform in Asia Pacific digital landscape, ShopBack is well-positioned to deliver smart shopping solutions tailored to consumers’ evolving purchase habits – not only in the online space, but also in the offline space.

The comprehensive view of users’ digital wallet spend across multiple markets, platforms and categories enable ShopBack to deliver personalised shopping experiences for its users, as well as targeted and cost-effective marketing solutions for its merchant partners.

Recognising that world-class talent is needed to build world-class solutions, ShopBack has been investing in an innovative and fast-moving talent pool. Its latest research and development hub in Vietnam accounted for close to 40 per cent of the new hires in the engineering, data and product management team in 2018. ShopBack is looking to at least double its talent pool in Vietnam over the next few quarters.