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Temasek-backed ShopBack closes US$200 mil Series F round, 'gears up' for IPO

Jovi Ho
Jovi Ho12/9/2022 11:02 AM GMT+08  • 3 min read
Temasek-backed ShopBack closes US$200 mil Series F round, 'gears up' for IPO
The raise will support the Group’s growth efforts across the Asia Pacific as it gears up for the public markets. Photo: ShopBack
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ShopBack has raised US$200 million ($270.08 million) in an oversubscribed Series F round.

The final close comes after US$30 million in equity capital via a strategic investment from Australian bank Westpac Banking Corporation. This follows an earlier announcement of ShopBack’s US$160 million Series F tranche from Asia Partners and 65 Equity Partners, among others.

The raise will support the Group’s growth efforts across the Asia Pacific as it gears up for the public markets, says ShopBack on Dec 8.

“As part of the equity investment, the rewards platform has also entered into a partnership with the Australian bank that will enable Westpac’s customers to gain access to exclusive offers and deals when they shop via ShopBack,” adds the company.

Steve Rubenstein, Westpac’s managing director of consumer finance, says: “We’re excited to be investing in one of Asia Pacific’s leading shopping and rewards platforms, which will help our Australian customers get bonus cashback and rewards at participating merchants when spending online. With more customers choosing to shop online, we’ll also be exploring new ways to expand on this offering within Westpac’s digital channels.”

The funds will also be invested into launching new shopping products for users, developing growth and payments solutions for merchant partners, extending its services to more markets and building capabilities for public market readiness, adds the company.

See also: Temasek-backed ShopBack raises US$80 mil led by Asia partners

Henry Chan, co-founder and CEO of ShopBack Group, says: ““The outcome of the Group’s Series F raise has far exceeded our own expectations, given the volatility in the capital markets and challenging macroeconomic environment.”

Chan adds: “Westpac’s investment underscores the herculean efforts put in by the ShopBack Australia team in establishing our brand as the leading shopping and rewards app in Australia. This partnership with Westpac will accelerate our efforts to bring the rewarding ShopBack experience to more Australian consumers. We are excited and look forward to a fruitful and fulfilling partnership.”

Founded in 2014, the platform has expanded to 10 markets across Southeast Asia, Australia, South Korea and Taiwan. In 2020, the company raised US$75 million from Temasek, Rakuten and East Ventures. In 2021, ShopBack bought buy now, pay later platform Hoolah.

See also: With Hoolah takeover, Shopback steps into payments with rewards in tow

With the latest close, ShopBack has raised around US$355 million.

In January, the company launched ShopBack Pay with over 5,000 merchant outlets between Singapore and Australia. In August, it launched its cashback service in Hong Kong.

ShopBack also hired chief technology officer San Oo from communications giant Slack Technologies, its commercial managing director Alessio Romeni, formerly chief revenue officer of fashion e-commerce platform Zalora, and global accounts managing director Alexander Yardley, who previously headed up commercial leadership roles at Agoda and eBay.

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