SINGAPORE: Shopping and rewards platform ShopBack has raised US$80 million of new capital in a funding round led by Asia Partners.
The Series F round brings the total capital raised by Singapore-based ShopBack to more than US$230 million.
ShopBack said that the capital will be used to develop innovative products for users and merchant partners, deepening its presence across the Asia Pacific. It will also be invested in "building capabilities for public market readiness", the company said.
“We want to help our users to shop and save smarter, particularly in this inflationary economy with recession looming on the horizon," said Mr Henry Chan, co-founder and CEO of ShopBack Group.
Founded in 2014, ShopBack currently serves more than 35 million shoppers across 10 markets, including Singapore, Malaysia, Indonesia and Australia.
The company expanded into financial services last year by acquiring hoolah, a “buy now, pay later” player in Southeast Asia.
It launched ShopBack Pay in January, allowing shoppers to pay in-store using their preferred method of payment such as GrabPay, or credit and debit cards, while stacking rewards as they pay.
”This is the perfect time to back winners, to consolidate their position, and gain share,” said Mr Nick Nash, managing partner at Asia Partners.