In addition to the US$45 million funding round that the company disclosed last April, the extended funding will be used to develop ShopBack’s technology infrastructure, expand data resources to unlock new business insights and boost the growth of its existing markets. The company has raised a total of US$113 million since it was established in 2014.
Currently, ShopBack serves more than 19 million users in seven Asia Pacific markets. It rewards its users with cash back in multiple sectors, such as general merchandise, travel bookings, fashion, health and beauty, groceries and food delivery.
The Internet economy in the Asia Pacific region is on track to hit a value of US$300 billion by 2025 as online shopping has become indispensable to consumers’ daily lives. In 2019, ShopBack reported a 250% year-on-year growth in sales and orders, with over 16 million orders per month and more than US$2 billion in revenues for over 2,500 merchant partners.
ShopBack expanded into Australia in 2018, offering users cash back on purchases from retailers such as Woolworths, Cotton On and eBay Australia. The mobile-first strategy has helped ShopBack Australia take the leading position in the rewards sector within only 18 months.
The company already serves over a million active customers in Australia. It will also adopt its mobile-first and localization strategies in Vietnam to serve the country's tech-savvy middle class.
"The combination of its digital hub potential and rapid adoption of technological advancements among companies and consumers alike has put Vietnam in the spotlight for many companies including ShopBack. Living up to our value proposition as “the smarter way,” we hope our services will further the growth of Vietnam's online economy," stated Josephine Chow, co-founder and head of expansion at ShopBack.