SINGAPORE: Buying and benefits platform ShopBack has elevated $80 million in new funding in a round led by Asia Companions.
The Sequence F spherical provides the overall raised by Singapore-based ShopBack to more than $230 million.
ShopBack mentioned the funding will be applied to develop revolutionary products for end users and merchant partners, deepening its presence in the Asia-Pacific area. The business said it would also devote in “ability setting up for public marketplace readiness.”
“We want to help our customers store and preserve smarter, especially with this inflationary financial state and economic downturn looming,” said ShopBack Group co-founder and CEO Mr. Henry Chan.
Launched in 2014, ShopBack at the moment serves about 35 million customers in 10 marketplaces such as Singapore, Malaysia, Indonesia and Australia.
Previous 12 months, the company forayed into fiscal companies by buying hoolah, a Southeast Asian “buy now, fork out later” firm.
It launched ShopBack Pay back in January, allowing for purchasers to spend in-store using their preferred payment approaches these types of as GrabPay, credit score and debit playing cards, when accruing rewards as they pay out.
“This is the great time to back the winner, fortify its placement and acquire share,” mentioned Mr Nick Nash, controlling husband or wife of Asia Partners.