ShopBack

Last updated
ShopBack
Industry E-Commerce, Online coupons
FoundedAugust 2014
FoundersHenry Chan
Joel Leong
Headquarters Singapore
Area served
Australia, Hong Kong, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam
ProductsShopBack Online & In-Store Cashback
ShopBack Pay
ShopBack PayLater
SBMart
Services Cashback
Vouchers
QR Code Payments
Buy Now, Pay Later
Grocery Rewards
Website shopback.com

The ShopBack Group is Asia-Pacific's leading shopping, rewards, and payments platform, [1] serving over 38 million shoppers across ten markets. ShopBack offers a suite of products to their users - from Cashback through purchases both Online and In-Store, Vouchers and deals, as well as payment options.

Contents

ShopBack was founded in Singapore in 2014, to make shopping more rewarding, delightful, and accessible. It offers smart shopping experiences to users across the Asia-Pacific, while helping brands and retailers in the region increase outreach and engage shoppers.

The Group powers over US$3.7 billion in annual sales for over 15,000 online and in-store partners. In 2022, ShopBack launched ShopBack Pay [2] and PayLater, [3] extending the platform's offerings into financial services, providing shoppers responsible and convenient payment options at checkout.

It is partnered with firms such as Amazon, Booking.com, eBay, ASOS, Zalora, Woolworths Online, Lazada, Uber, Grab, Shopee, Tokopedia, GoWabi, Blibli, Alibaba, and eBay.

ShopBack is available in 10 countries including Australia, [4] Indonesia, Malaysia, Philippines, Singapore, Hong Kong, [5] South Korea, [6] Taiwan, Thailand, Vietnam.

History

ShopBack's founding team was previously from Zalora.

In April 2020, ShopBack announced the acquisition of Ebates Korea. [6] [7] [8]

On 17 September 2020, ShopBack suffered a data breach. [9] [10] They notified customers 8 days later on 25 September 2020. [11]

Funding

For its first round of seed funding, ShopBack raised over US$500,000. [12] The company has since experienced a fast growth. [13] In March 2015, ShopBack received further investment funding of US$600,000. [14]

In November 2017, ShopBack revealed it had raised US$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 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]

In March 2024, Shopback announced that they were laying off 24% of jobs which equates to 195 roles in a bid to be more focused and self-sustainable. [18]

ShopFest

ShopBack ShopFest [19] 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. [20] Other highlights of ShopFest includes MyCyberSale in Malaysia [21] (27 Sep - 3 Oct), the 12.12 Hari Belanja Online Nasional [22] (Harbolnas) in Indonesia, and Click Frenzy [23] in Australia (12 - 13 Nov)

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References

  1. ↑ "About · ShopBack". corporate.shopback.com. Retrieved 2023-01-27.
  2. ↑ Salim, Zafirah (2022-04-25). "S'pore cashback startup ShopBack makes foray into payments space with recent ShopBack Pay launch". Vulcan Post. Retrieved 2023-01-27.
  3. ↑ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2023-01-27.
  4. ↑ "Cashback Launch as Featured in the Australian Financial Review 2018". 30 April 2018.
  5. ↑ "ShopBack breaks into HK market". Marketing-Interactive. 5 August 2022. Retrieved 2023-01-27.
  6. 1 2 "ShopBack makes foray into South Korea with Ebates Korea buy". www.businesstimes.com.sg. Retrieved 2021-05-13.
  7. ↑ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2021-05-13.
  8. ↑ "ShopBack enters South Korea with acquisition of Ebates Korea". Qualgro VC. 2020-04-28. Retrieved 2021-05-13.
  9. ↑ "ShopBack Data Breach". OzBargain. Retrieved 2020-10-27.
  10. ↑ hermesauto (2020-09-26). "Singapore's data privacy watchdog investigating customer data breach at ShopBack". The Straits Times. Retrieved 2020-10-27.
  11. ↑ "ShopBack and RedDoorz investigating data breaches". Business Times (Singapore) . 2020-09-26.
  12. ↑ "Steady, Silent, and Deadly: Inside Singapore's Hidden Gem Startup, ShopBack". 17 February 2015. Retrieved 27 March 2015.
  13. ↑ "ShopBack eyes S-E Asia's US$60b e-commerce market" . Retrieved 27 March 2015.
  14. ↑ "Shopback secures $600k seed funding from East Ventures & Accel-X" . Retrieved 27 March 2015.
  15. ↑ "ShopBack raises $25M for its cash back shopping service in Southeast Asia". 7 November 2017. Retrieved 15 November 2017.
  16. ↑ "ShopBack bags $25m in latest funding round" . Retrieved 15 November 2017.
  17. ↑ "ShopBack, a cashback startup in Asia Pacific, raises $45M from Rakuten and others". 10 April 2019. Retrieved 28 August 2019.
  18. ↑ "Shopback cuts 195 employees".
  19. ↑ "Asian shopping platform to bring together Shopee, Lazada, Taobao and Qoo10" . Retrieved 4 September 2019.
  20. ↑ "12 Biggest Sales in Singapore Not to Miss". 2019-07-03. Retrieved 4 September 2019.
  21. ↑ "ShopBack launches ShopFest to highlight six major online sales in Q4". 2018-08-22. Retrieved 4 September 2019.
  22. ↑ "Harbolnas, ShopBack Recorded Its Highest Transaction Throughout 2018" . Retrieved 4 September 2019.
  23. ↑ "Click Frenzy Mayhem Smashes Records" . Retrieved 4 September 2019.
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