ShopBack the preeminent lifestyle portal that empowers consumers with smarter purchase decisions, has successfully raised USD 25M in its most recent ShopBack funding round. This boost propels the company’s total funding to date close to the USD 40M mark.
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.
Today ShopBack powers close to 1,000 orders per hour, with an annualized 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 e-commerce 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.
“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.
Today ShopBack powers close to 1,000 orders per hour, with an annualized 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 e-commerce 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.
Read also:
Preetipls questions ShopBack’s Indian-inspired ad: “Why is the guy not Indian?” – Singapore News
‘Buy Now, Pay Later’ (BNPL) Cap on Online Payments and Other Ways To Curb Overspending in Singapore
Follow Google News
Join us on WhatsApp
Follow us on Telegram