ShopBack, an online shopping rewards app backed by Temasek Holdings Pte, has raised US$80 million ($111.2 million) in a funding round led by regional investment firm Asia Partners.
The Singapore-based startup’s Series F round was joined by existing investor January Capital, another tech-focused private equity firm, according to a statement seen by Bloomberg News. The latest round bringing the total capital raised by ShopBack to more than US$230 million.
ShopBack is among a plethora of consumer startups raising funds to expand in Southeast Asia. It expanded in financial services last year by acquiring Hoolah, a “buy now, pay later” player.