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§ Private Profile · Singapore, Central Region, Singapore
ShopBack is a technology company.
ShopBack offers a digital platform providing cashback and rewards to users for online purchases across retail, travel, and gaming. The company partners with thousands of online merchants, integrated via website, mobile apps, and browser extension. It tracks transactions, returning expenditure directly as real money to consumers who initiate their shopping journey through the platform.
Founded August 2014 in Singapore, ShopBack co-created by Henry Chan, Joel Leong, Lai Shanru, and Josephine Chow. Their insight into the evolving e-commerce landscape identified an opportunity to empower shoppers. Converting affiliate commissions into direct financial incentives, they made online shopping more advantageous for a broad user base seeking tangible savings.
The platform targets global online consumers maximizing savings and value from digital spending. ShopBack's vision: the essential first stop for any online purchase. It continually expands its merchant network and refines its rewards ecosystem, shaping consumer behavior toward financially astute engagement and establishing itself as a key player in the e-commerce value chain.
ShopBack has raised $225.0M across 4 funding rounds.
ShopBack has raised $225.0M in total across 4 funding rounds.
ShopBack is a leading cashback, rewards, and shopping discovery platform that connects consumers with merchants across Asia-Pacific and beyond, rewarding users with cashback on purchases while helping brands boost outreach and sales.[1][2][4] It serves millions of online shoppers—over 30 million users—by offering cashback, coupons, vouchers, exclusive deals, product comparisons, QR payments, and financial services like ShopBack Pay and buy-now-pay-later (BNPL) options, partnering with over 3,000 merchants including Lazada, Shopee, Booking.com, and Zalora.[2][3][4] ShopBack solves the problem of uninspired online shopping by making it more rewarding and accessible, driving user loyalty and merchant growth; it has paid out over $100 million in cashback, operates in 13 countries (including Singapore, Australia, Indonesia, and recent additions like New Zealand), and shows strong momentum with $239 million in revenue, $225.6 million total funding (including an $80 million Series F), and rapid expansions into payments and new markets.[2][3][4]
ShopBack was founded in August 2014 in Singapore by Henry Chan, Joel Leong, Lai Shanru, and Josephine Chow, who had prior experience at Zalora.[1][4][5] The idea emerged casually—Chan and Leong brainstormed in Chan's car, focusing on smarter shopping via online cashback, then built a prototype over a weekend in a hotel room with a small team.[1] Early traction came quickly: expansions to Malaysia and Philippines in 2015, Indonesia in 2016, followed by Thailand, Taiwan, Australia, and in-store cashback in 2017-2018; by 2020, it entered South Korea and Vietnam after fresh funding, reaching 9 countries.[1][3] Pivotal moments include acquiring Ebates Korea in 2020, buying BNPL provider hoolah in 2021, launching ShopBack Pay in 2022, and hitting its 10th year in 2024 with New Zealand entry, evolving from pure cashback to a full shopping and fintech ecosystem.[1][3][4]
ShopBack rides the explosive growth of e-commerce and fintech in APAC, where rising digital adoption, mobile payments, and BNPL demand (fueled by post-pandemic shifts) create tailwinds—annualized sales hit $500M+ by 2018 amid booming platforms like Shopee and Lazada.[1][2][4] Timing aligns with consumers seeking value amid inflation and fragmented retail, positioning ShopBack as a loyalty layer atop giants via affiliates, while merchants gain data-driven outreach.[2][4] It influences the ecosystem by accelerating cashback normalization, fintech integration (e.g., payments challenging Grab/Uber), and cross-border scalability, fostering smarter shopping habits and enabling smaller retailers to compete.[1][3]
ShopBack's trajectory points to deeper fintech dominance, with ShopBack Pay expanding into seamless payments and potential new markets, building on 10 years of hyper-growth to challenge incumbents like Rakuten Ebates globally.[1][3][4] Trends like AI-driven personalization, embedded finance, and APAC's e-commerce surge (projected to hit trillions) will propel it, especially as BNPL and rewards combat price sensitivity. Its influence may evolve into a full-stack "super app" for shopping, amplifying the original cashback spark into a rewarding, accessible ecosystem that redefines consumer-merchant dynamics.[2]
ShopBack has raised $225.0M across 4 funding rounds. Most recently, it raised $80.0M Series F in August 2023.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Aug 17, 2023 | $80M Series F | Asia Partners | January Capital | Announced |
| Mar 12, 2020 | $75M Venture Round | Temasek | — | Announced |
| Apr 9, 2019 | $45M Venture Round | Willson Cuaca, Amit Patel | EDBI | Announced |
| Nov 1, 2017 | $25M Series A | Credit Saison | AppWorks, 33 Capital, Aetius Capital, Blue SKY Capital, East Ventures, Intouch, Qualgro, Singtel Innov8, Softbank Ventures Asia | Announced |
ShopBack has raised $225.0M in total across 4 funding rounds.
ShopBack's investors include Asia Partners, January Capital, Temasek, Willson Cuaca, Amit Patel, EDBI, Credit Saison, AppWorks, 33 Capital, Aetius Capital, Blue Sky Capital, East Ventures.