ShopBack, a Singapore-based cashback platform, raised US$45m in funding.
Backers included EV Growth, Rakuten Capital, EDBI, and other existing investors. In conjunction with the funding, Amit Patel, CEO of Ebates, a Rakuten company, and Wilson Cuaca, Managing Partner of EV Growth, will join ShopBack’s Board of Directors.
The company, which has now raised US$83m in total funding, intends to use the capital to continue to develop the platform and expand in key markets.
Founded in 2014, ShopBack is a digital loyalty and discovery platform with an online presence in 7 APAC countries and offices in 8 countries (Singapore – Malaysia – Indonesia – Philippines – Taiwan – Thailand – Australia – Vietnam). The company counts Taobao, Expedia, Lazada, Zalora and other local and international brands amongst its more than 1,500 eCommerce merchants onboard and has 6 million users.