Rewards platform ShopBack bags $30m from Westpac to close Series F

ShopBack‘s growth efforts across Asia Pacific received a boost after it bagged another $30 million to formally close its Series F founding round.

The recent investment for ShopBack Group, which runs a shopping and rewards platform across Asia Pacific, came from Australia’s Westpac Banking Corporation.

ShopBack closed series F round with a total of $200 million. Earlier, the Singapore-based group also announced earning at least $160 million from the series F tranche from Asia Partners and Temasek-owned 65 Equity Partners, together with commitments from other new and existing investors.

The availability of more funds will boost ShopBack’s efforts to grow across the Asia Pacific as it gears up for the public markets. Shopback said it will use the fresh capital to launch new shopping products for users, develop growth and payments solutions for merchant partners, extend its services to more markets, and build capabilities for public market readiness.

As part of the equity investment, the Singapore-based group will enable Westpac customers to access exclusive offers and deals when they shop via ShopBack.

“With more customers choosing to shop online, we’ll also be exploring new ways to expand on this offering within Westpac’s digital channels,” said Steve Rubenstein, MD (Consumer Finance) at Westpac.

Founded in 2014, ShopBack offers shopping deals, rewards and payment methods at the users’ fingertips. Since its inception, the group claims to have already served over 35 million shoppers across ten markets as they also powered over $3.5 billion in annual sales for over 10,000 online and in-store merchant partners.

Early this year, ShopBack also launched ShopBack Pay and PayLater. In addition, the group has already made significant advances in product innovation and regional expansion this year. In January, ShopBack Pay was launched to allow two million users in Singapore and Australia to check out conveniently at more than 5,000 merchant outlets.

In August, it also launched its cashback service in Hong Kong. Last December, ShopBack also acquired hoolah, a leading buy-now-pay-later player in Southeast Asia.