Singapore-based cashback platform ShopBack today announced that it has raised a US$25 million funding round led by Japanese leading credit card and retail finance company Credit Saison.
The funding round includes a total of 10 investors, including new investors Blue Sky, AppWorks, Intouch Holdings PLC, Aetius Capital, and 33 Capital.
Existing investors SoftBank Ventures Korea, Singtel Innov8, Qualgro, and East Ventures also participated in the current round.
In a press statement, ShopBack said that the funding round brings the company’s total funding raised to date “close to” US$40 million.
The company has previously announced two seed funding rounds in March and April 2015, raising a total of US$1.1 million, and an undisclosed Series A funding round.
It plans to use the funding for talent acquisition, new features launch, and marketing.
ShopBack provides up to 30 per cent cashback for customers with the goal to “boost their purchasing power while providing cost-effective marketing solutions for merchant partners.”
The platform started out in 2014 as a one-day flash sale site.
“Living up to our value proposition as ‘The Smarter Way’, we have recently added service aggregation features for the rides
and credit cards verticals to simplify purchase decisions for our users. We strive to become the one-stop shopping and lifestyle portal for consumers in the Asia Pacific,” said ShopBack CEO and Co-Founder Henry Chan.
Run by a team of “more than” 130 people, the platform is available in Singapore, Malaysia, Indonesia, the Philippines, Thailand, and Taiwan.
It claimed to have closed close to 1,000 orders per hour with annualised sales figure of over US$300 million for more than 1,300 partner merchants across the online retail, travel, and lifestyle verticals. Between September 2014 to September 2017, it has awarded close to US$15 million of cashback.