Cashbag raises half a million dollars from Series Seed funding round

The capital increase is expected to motivate the company to turn Cashbag into the leading cashback shopping channel in Vietnam.

Launched in 2019, Cashbag is a pioneering application to make the cashback shopping trend more popular in Vietnam. Up to now, the application has refunded more than US$3.3 million to over 1 million users. Cashbag has also been associated with more than 200 brands in various fields and obtained more than US$110 million in revenue for partners.

According to the Department of E-commerce and Digital Economy, 57 to 60 million Vietnamese people participate in online shopping with US$260-285 shopping value per capita. The online shopping wave is constantly expanding and bringing many benefits to users. Catching up with the smarty consumption trend is the strong growth of shopping cashback systems. Customers will receive an amount back from each spending transaction as a percentage of the purchase value.

In fact, Cashbag is a cashback shopping platform operating under the affiliate marketing model that connects users to brands and e-commerce floors. Cashbag will share benefits for customers by sharing part of the partner’s commission paid to Cashbag when they have a successful order.

More than 60% of Cashbag’s users aged between 18 and 30 have a high online shopping frequency. With youthful customers expected to be the leading consumer group, there's enormous potential for further growth.

In the coming time, Cashbag will constantly research and launch new features to improve the shopping experience for users. For brand partners, Cashbag will always be a companion to bring effective marketing solutions to increase revenue.