|Industry||E-Commerce, Online coupons|
|Founders||Henry Chan |
ShopBack is a cashback reward program available across Asia-Pacific with over 5 million members on its platform. It allows online shoppers to receive a small percentage of their purchases on the platform, paid for through affiliate programs by the merchant. The platform also provides coupons, voucher codes, and comparison features.
It is currently partnered with over 1,300 brands from all over the world, including online firms Amazon, Booking.com, eBay, ASOS, Zalora, Woolworths Online, Lazada, Uber, Grab, Shopee, Tokopedia, GoWabi, Blibli, Alibaba, and eBay.
ShopBack is available in 9 countries including Singapore, Australia, Taiwan, Malaysia, Indonesia, Philippines, Thailand, Vietnam and South Korea.
ShopBack’s founding team was previously from Zalora.
For its first round of seed funding, ShopBack raised over USD $500,000. The company has since experienced a fast growth. In March 2015, ShopBack received further investment funding of USD $600,000.
In November 2017, ShopBack revealed it had raised USD $25 million, a round led by Japanese finance and credit card company Credit Saison, with participation from Blue Sky, AppWorks, Intouch Holdings, Aetius Capital, 33 Capital, SoftBank Ventures Korea, Singtel Innov8, Qualgro and East Ventures, bringing their total funding to USD $40 million. Today, ShopBack averages an order every 2 seconds, with an annualised sales figure of over USD$500 million and 5 million users in early 2018.
In April 2019, ShopBack announced that it has closed a $45 million round led by new investors Rakuten Capital and EV Growth, bringing their total funding to US$85 million. The investment will see Amit Patel, who leads Rakuten-owned cashback service Ebates, and Willson Cuaca (Managing Partner of EV Growth and East Ventures), join the board.
ShopBack ShopFest is an annual event hosted in partnership between e-commerce brands and ShopBack. Across the APAC region, ShopFest puts together major shopping events during the year end sale season.
ShopFest starts in September (November for Australia) and lasts for 4 months till December. Regionally, ShopBack holds the 9.9 Sales, 10.10 Sales, 11.11 Sales, Black Friday Cyber Monday Sales and 12.12 Sales. Other highlights of ShopFest includes MyCyberSale in Malaysia (27 Sep - 3 Oct), the 12.12 Hari Belanja Online Nasional (Harbolnas) in Indonesia, and Click Frenzy in Australia (12 - 13 Nov)
Partnerships and Collaborations
ShopBack has also collaborated and partnered with various international and regional organisations. The list includes Visa, Citibank, OCBC Bank, Starhub, EZ-Link, Singapore Committee for UN Women, Institute of Singapore Chartered Accountants, Bank of the Philippine Islands, Globe Telecom, AirAsia, Maybank, and Packet One Networks.
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- "Complimentary S$5 Sign-up Cashback Bonus with minimum S$50 spend at any participating ShopBack merchants". Retrieved 20 August 2015.
- "P1 Customer Loyalty Rewards". Retrieved 22 April 2015.