ShopBack, a shopping and rewards network with its headquarters in Singapore, has raised $$111m ($80m) in a Series F fundraising round, which was headed by Asia Partners and included existing investor January Capital.
With this additional fundraising, ShopBack has now raised more than $319.36 million ($230 million) in total.
ShopBack intends to use the additional funding to create cutting-edge products for its customers and merchant partners as well as to increase its market share in the Asia Pacific region.
Henry Chan, co-founder, and CEO of ShopBack Group, said, they want to encourage their consumers to purchase and save intelligently, particularly in this inflationary climate with recession lurking on the horizon.
ShopBack had recently made its cashless payment option available in Singapore.
The company intends to use the additional funding to create cutting-edge products for its customers and merchant partners as well as to increase its market share in the Asia Pacific region.
Over 35 million consumers are currently served by ShopBack, which was founded in 2014 and operates in 10 nations, including Singapore, Malaysia, Indonesia, and Australia.
By purchasing hoolah, a Southeast Asian “buy now, pay later” player, the corporation increased its financial services offering last year.
In January, company introduced ShopBack Pay, a service that enables customers to pay in-store using their favorite payment method, such as GrabPay, credit and debit cards, and to accrue points as they do so.
According to Mr. Nick Nash, managing partner at Asia Partners, now is the ideal time to support winners, strengthen their position, and increase share.
Hamish Moline, a former chief commercial officer and managing director of Asia and global payments at ASX-listed Zip Co Limited, an Australian financial technology business, was also appointed to this position in January. Jeremy Lim was also hired by Shopback as its marketing director in February. He was once the country manager for YouTrip.
Separately, it purchased the buy now pay later brand hoolah in November of last year as part of its plans to generate US$3.5 billion in sales that year. The representative for ShopBack stated that the acquisition was made in cash and stock but would not provide the deal’s dollar amount.