ShopBack
 | |
| Industry | E-Commerce, Online coupons |
|---|---|
| Founded | August 2014 |
| Founders | Henry Chan Joel Leong Lai Shanru Josephine Chow |
| Headquarters | Singapore |
Area served | List
|
| Services | Cashback |
ShopBack is a cashback reward program[1] available across the Asia-Pacific (APAC). 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, product comparison, QR code payment,[2] and most recently, buy-now-pay-later.[3] It has 30 million users.[3]
It is partnered with firms such as Amazon, Booking.com, ASOS, Zalora, Woolworths.com.au, Lazada, Uber, Grab, Shopee, Tokopedia, GoWabi, Blibli, Alibaba, and eBay.
ShopBack is currently available in 13 countries including the United States, Australia,[4] Indonesia, Germany, Malaysia, Philippines, Singapore, Hong Kong, South Korea,[5] Taiwan, Thailand, Vietnam, and New Zealand.
History
[edit]ShopBack’s founding team was previously from Zalora.
In April 2020, ShopBack announced the acquisition of Ebates Korea.[5][6][7]
On 17 September 2020, ShopBack suffered a data breach.[8][9][10] They notified customers 8 days later on 25 September 2020.[11]
Funding
[edit]ShopBack raised over US$500,000 in seed funding shortly after founding,[12] followed by a US$600,000 round in March 2015 led by East Ventures and Accel-X.[13] The company subsequently raised approximately US$15 million across additional early rounds before its Series A in 2017.[14]
In November 2017, ShopBack closed a US$25 million Series A round led by Credit Saison, with participation from new investors Blue Sky, AppWorks, Intouch Holdings, Aetius Capital, and 33 Capital, and returning investors SoftBank Ventures Korea, Singtel Innov8, Qualgro, and East Ventures. The round brought total funding to approximately US$40 million.[15] Today, ShopBack averages an order every 2 seconds, with an annualised sales figure of over US$500 million and 5 million users in early 2018.[16]
In April 2019, ShopBack announced that it has closed a US$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.[17]
Acquisitions
[edit]In May 2018, ShopBack acquired Singapore-based personal finance platform Seedly.[18] ShopBack subsequently divested Seedly to CompareAsiaGroup in October 2020.[19]
In November 2021, ShopBack acquired 100 percent of Singapore-based buy-now-pay-later platform hoolah, marking its entry into financial services.[20]
ShopFest
[edit]ShopBack ShopFest[21] 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.[22] Other highlights of ShopFest includes MyCyberSale in Malaysia[23] (27 Sep - 3 Oct), the 12.12 Hari Belanja Online Nasional[24] (Harbolnas) in Indonesia, and Click Frenzy[25] in Australia (12 - 13 Nov)
References
[edit]- ↑ "Singapore startup ShopBack pays you to shop online". Retrieved 27 March 2015.
- ↑ "Tech in Asia - ShopBack rolls out new payment feature". www.techinasia.com. Retrieved 2022-08-03.
- 1 2 "Tech in Asia - ShopBack rolls out BNPL service in SG, Malaysia amid global refresh". www.techinasia.com. Retrieved 2022-08-03.
- ↑ "Cashback Launch as Featured in the Australian Financial Review 2018". 30 April 2018.
- 1 2 "ShopBack makes foray into South Korea with Ebates Korea buy". www.businesstimes.com.sg. 28 April 2020. Retrieved 2021-05-13.
- ↑ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2021-05-13.
- ↑ "ShopBack enters South Korea with acquisition of Ebates Korea". Qualgro VC. 2020-04-28. Retrieved 2021-05-13.
- ↑ "Customer Notice FAQs". Shopback AU. Retrieved 2020-10-27.
- ↑ "ShopBack Data Breach". OzBargain. Retrieved 2020-10-27.
- ↑ Koh, Fabian (2020-09-26). "Singapore's data privacy watchdog investigating customer data breach at ShopBack". The Straits Times. Retrieved 2020-10-27.
- ↑ "ShopBack and RedDoorz investigating data breaches". Business Times (Singapore). 2020-09-26.
- ↑ "Steady, Silent, and Deadly: Inside Singapore's Hidden Gem Startup, ShopBack". 17 February 2015. Retrieved 27 March 2015.
- ↑ "Shopback secures $600k seed funding from East Ventures & Accel-X". Retrieved 27 March 2015.
- ↑ "ShopBack raises $25M for its cash back shopping service in Southeast Asia". 7 November 2017. Retrieved 15 November 2017.
- ↑ "ShopBack raises $25M for its cash back shopping service in Southeast Asia". 7 November 2017. Retrieved 15 November 2017.
- ↑ "ShopBack bags $25m in latest funding round". Retrieved 15 November 2017.
- ↑ "ShopBack, a cashback startup in Asia Pacific, raises $45M from Rakuten and others". 10 April 2019. Retrieved 28 August 2019.
- ↑ "ShopBack acquires finance management platform Seedly". Marketing Interactive. 10 May 2018.
- ↑ "CompareAsiaGroup acquires Seedly from ShopBack". e27. 28 October 2020.
- ↑ "Singapore-based cashback platform ShopBack acquires BNPL service hoolah". TechCrunch. 1 November 2021.
- ↑ "Asian shopping platform to bring together Shopee, Lazada, Taobao and Qoo10". 30 August 2018. Retrieved 4 September 2019.
- ↑ "12 Biggest Sales in Singapore Not to Miss". 2019-07-03. Retrieved 4 September 2019.
- ↑ "ShopBack launches ShopFest to highlight six major online sales in Q4". 2018-08-22. Retrieved 4 September 2019.
- ↑ "Harbolnas, ShopBack Recorded Its Highest Transaction Throughout 2018". Retrieved 4 September 2019.
- ↑ "Click Frenzy Mayhem Smashes Records". Retrieved 4 September 2019.
