ShopBack, the one-stop rewards and discovery platform, has secured $45 million in its latest funding round.
Participants are co-led by EV Growth and Rakuten Capital, as well as EDBI, the corporate investment arm of Singapore’s Economic Development Board. The new capital injection brings the company’s total funding to $83 million.
“The fresh funding adds firepower to our innovative efforts centered on simplifying shopping experiences for users while building smarter marketing solutions for merchant partners. We’re now better equipped to not only deliver cost-efficient sales to our merchant partners, but also to leverage user insights across categories to do cross-selling efficiently,” said Prashant Kala, country head of ShopBack Philippines.
ShopBack is cashing in on the region’s growth by linking online merchants to the most engaged mobile internet users in the world. Apart from rewarding users with cashback for making online purchases, ShopBack also helps merchants make better business decisions with data insights powered by ShopBack’s growing user base.
In 2018, ShopBack saw 250-percent year-on-year growth in orders and sales. The company powered over 2.5 million monthly transactions for more than 7 million users in seven Asia Pacific countries and delivered close to $1 billion in sales for over 2,000 merchant partners in both the online and offline spaces.
In the Philippines, ShopBack is a strong marketing channel for Lazada, Zalora, Shopee, FoodPanda, Agoda, Booking.com and more. ShopBack Philippines saw a 900-percent increase in the number of users last year, propelled by traffic that grew by nearly 10 times in the fourth quarter of 018. Today, it sustains a month-on-month growth of up to 75 percent.
ShopBack’s new round of funding will be deployed into simplifying shopping experiences, expanding data capabilities to fuel personalization 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.