ShopBack Valuation, Funding & Investors
ShopBack is valued at $900M as of October 2022.
Last ShopBack valuation
$900M
Series F · Oct 2022
Last ShopBack funding round
$40M
Series F · Dec 2022
Cumulative funding ShopBack raised
$355M
across 9 funding rounds
Key investors in ShopBack
Temasek
East Ventures
EDBI
January Capital
33 Capital
Cornerstone Ventures
About ShopBack
ShopBack is a cashback and rewards portal dominant in Southeast Asia's e-commerce market. Singapore-headquartered with operations in Malaysia, Indonesia, the Philippines, Thailand, and Taiwan, it partners with over 1,300 merchants including Uber, Expedia, and Lazada to offer up to 30 percent cashback on purchases. Launched around 2014, it secured Gold and Silver awards at the 2015 Singapore Infocomm Technology Federation Awards and the Emerging Enterprise Award in 2016.
Founded
2014
HQ
SingaporeWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Valuation
$900M (Oct 2022)
ShopBack Valuation
ShopBack is currently valued at $900M, based on its Series F in October 2022.
The $80M round was led by 65 Equity Partners.
ShopBack's valuation has moved from $1B at its Series F in June 2022 to $900M in October 2022, across 2 priced rounds.
ShopBack valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2022 | Series F | $900M |
| Jun 2022 | Series F | $1B |
ShopBack Funding History
ShopBack has raised a total of $355M across 9 funding rounds.
ShopBack's first fundraising round was a $600K seed round in March 2015. The most recent completed round was a $40M Series F in December 2022.
ShopBack funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2022 | Series F | Westpac (lead) | $40M | - | ShopBack, a Singapore-based shopping and rewards platform founded in 2014, completed the final close of its oversubscribed Series F funding round with a US$30 million equity investment from Australia's Westpac Banking Corporation on December 8, 2022. This brought the total Series F raise to US$200 million, following an earlier US$160 million tranche from investors including Asia Partners and Temasek-owned 65 Equity Partners. The Westpac investment, reported variably as $30M or $40M across sources, positions Westpac as a strategic partner and lead in this closing tranche, enabling exclusive cashback offers for its over five million Australian credit and debit card customers via a dedicated hub in the ShopBack app. The funds are earmarked for accelerating ShopBack's growth across Asia Pacific, including launching new shopping products, developing growth and payments solutions for merchants, expanding into additional markets, and preparing for public market readiness amid a challenging macroeconomic environment. ShopBack powers over US$4 billion in annual sales for more than 20,000 online and in-store partners, facilitating upwards of half a million transactions daily. In Australia, where it has operated since 2018, ShopBack has over two million registered users accessing cashback at more than 3,000 retailers. Recent product innovations include the launch of ShopBack Pay for convenient checkout at over 5,000 merchant outlets in Singapore and Australia, ShopBack PayLater, and a cashback service rollout in Hong Kong in August 2022. The company also acquired hoolah, a leading buy-now-pay-later provider in Southeast Asia, in December 2021. This partnership with Westpac enhances digital transaction rewards, aligning with rising online shopping trends evidenced by Westpac's 13% increase in digital transactions to nearly 700 million in the prior year. |
| Oct 2022 | Series F | 65 Equity Partners (lead) | $80M | $900M | ShopBack is a Singapore-based shopping rewards platform operating across Asia-Pacific, serving over 35 million shoppers in ten markets and powering more than half a billion shopping trips and over US$3.5 billion in annual sales for over 10,000 merchant partners. The company offers cashback rewards, shopping discovery, and has expanded into financial services with ShopBack Pay and PayLater. In October 2022, Temasek-backed 65 Equity Partners invested US$80 million in an extension of ShopBack's oversubscribed Series F round, bringing the total Series F to US$160 million after an initial US$80 million from Asia Partners. This investment raised ShopBack's total funding to over US$310 million and valued the company at close to $1 billion. 65 Equity Partners joined the board to support growth, new product launches, merchant solutions, market expansion, and public market readiness, aligning with their mandate to back high-growth firms for potential Singapore Exchange listings. ShopBack's co-founders Henry Chan and Joel Leong lead the company, which recently strengthened its management with hires from Slack, Zalora, Agoda, and eBay. |
| Jun 2022 | Series F | Asia Partners Fund Management (lead); January Capital | $80M | $1B | ShopBack, a Singapore-based online shopping rewards platform offering cashback and rewards for brands like Dyson, Lululemon, and Foodpanda, raised $80 million in a Series F funding round tranche led by Asia Partners Fund Management, with participation from existing investor January Capital, announced around June 24, 2022. This portion brought total capital raised to over $230 million at that point, supporting development of new products for users and merchants, expansion across Asia-Pacific, and public market readiness. The funding valued the company at close to $1 billion, according to a person with knowledge cited in Bloomberg reporting. This $80 million raise was part of an oversubscribed extended Series F round, which later included another $80 million from Temasek's 65 Equity Partners in late 2022, bringing that segment to about $160 million, and ultimately closed with an additional $30-40 million from Westpac, totaling around $200 million for the round. Investors like SoftBank Ventures Asia and Rakuten Capital back the platform, which powers over $3.5 billion in annual sales for more than 10,000 merchant partners and integrates services like BNPL via hoolah acquisition, ShopBack Pay, and PayLater to expand into financial services. ShopBack strengthened its leadership ahead of growth, onboarding executives from Slack, Zip Co, Zalora, Agoda, and eBay. The company eyed a potential public listing without a set timeline, leveraging e-commerce growth in Asia-Pacific. |
| Oct 2021 | Series E | Temasek (lead); January Capital; East Ventures; EDBI; Indies Capital Partners | $40M | - | - |
| Mar 2020 | Series B | Temasek (lead); Rakuten; Cornerstone Ventures; 33 Capital; EDBI; EV Growth | $30M | - | - |
| Apr 2019 | Series B | EV Growth (lead); Rakuten Capital (lead); Temasek (lead); Cornerstone Ventures; 33 Capital; EDBI | $45M | - | ShopBack is a leading shopping rewards platform in Asia-Pacific, offering cashback to users across categories like general merchandise, travel, fashion, and food delivery, serving over 19 million users in seven markets as of early 2020. Founded in 2014, it had raised a total of US$113M by the time of its extended US$75M funding round led by Temasek, with participation from investors including 33 Capital, Cornerstone Ventures, EDBI, EV Growth, and Rakuten Capital around October 2019. The platform powers app-to-app integration and native experiences, with R&D hubs in Singapore, Taiwan, and Vietnam employing over 150 engineers, data, and product talents. In 2019, ShopBack achieved 250% year-on-year growth in sales and orders, delivering more than US$2B in sales for over 2,500 merchant partners and powering over 16 million monthly orders. It expanded into Australia in late 2018, quickly becoming market leader with over a million users there within 18 months by offering cashback from retailers like Woolworths and eBay. CEO Henry Chan highlighted its position to capture the online shopping boom in the rewards space. |
| Nov 2017 | Series A | Credit Saison (lead); January Capital; Aetius Capital; Qualgro VC; East Ventures; Intouch; SBVA; Singtel Innov8; 33 Capital; AppWorks | $25M | - | ShopBack is a cashback, rewards, and shopping platform operating across Asia-Pacific markets, enabling users to earn cashback on online purchases through partnerships with merchants. Founded in 2014, it connects shoppers with over 1,300 partners at the time of its November 2017 funding round, where it reported more than 3.5 million users and close to 1,000 orders per hour at peak times. The platform competes indirectly with services like iPrice and previously eBates in Southeast Asia, amid projected e-commerce growth in the region. In November 2017, ShopBack raised $25 million in a funding round led by Credit Saison, with participation from investors including 33 Capital, Aetius Capital, AppWorks, East Ventures, Intouch Holdings, Qualgro VC, SBVA (SoftBank Ventures Asia), and Singtel Innov8, bringing total funding to $40 million. The capital was earmarked for growth in existing markets like Singapore, Malaysia, Taiwan, and expansion into Australia, where the company saw parallels to its recent Taiwan launch. At the time of the round, ShopBack highlighted strong traction with annualized sales for its 1,300 partners exceeding $300 million, though this metric refers to partner sales volume facilitated through the platform rather than ShopBack's own revenue. By early 2018, shortly after the round, it reported averaging an order every 2 seconds, annualized sales over $500 million, and 5 million users. The company continued scaling post-2017, announcing a $45 million round in April 2019 led by Rakuten Capital and EV Growth, pushing total funding to $85 million. ShopBack has since expanded to include payments, buy-now-pay-later, coupons, and product comparisons, serving 30 million users across multiple APAC markets. |
| Jan 2016 | Seed | Quest Ventures; Accel X; Venturra | $14M | - | - |
| Mar 2015 | Seed | East Ventures (lead); Accel X | $600K | - | - |
Who has invested in ShopBack?
23 investors have backed ShopBack across its funding rounds, including Temasek, East Ventures, EDBI, January Capital, 33 Capital and Cornerstone Ventures.
Lead investors include Westpac, 65 Equity Partners, Asia Partners Fund Management, Temasek, EV Growth and 3 other investors.
ShopBack Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Singapore | 3 | Lead | Apr 2019 | |
| Singapore | 3 | Participant | Nov 2017 | |
 Jakarta | 3 | Lead | Mar 2015 | |
| Singapore | 3 | Participant | Nov 2017 | |
| Singapore | 3 | Participant | Apr 2019 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Accel X | Singapore | 2 | Participant | Mar 2015 |
 Taipei | 2 | Participant | Apr 2019 | |
| EV Growth | Singapore | 2 | Lead | Apr 2019 |
| Singapore | 1 | Participant | Jan 2016 | |
| Singapore | 1 | Lead | Jun 2022 | |
| Singapore | 1 | Participant | Nov 2017 | |
 Tokyo | 1 | Lead | Apr 2019 | |
| Singapore | 1 | Participant | Nov 2017 | |
This data is available for Pro users. Sign up to see all 23 ShopBack investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by ShopBack
ShopBack has acquired 3 companies to date.
Last acquisition by ShopBack was on November 2nd 2021. ShopBack acquired hoolah for undisclosed valuation.
Latest Acquisitions by ShopBack
| Description | hoolah is an omni-channel buy now pay later platform operating in Asia. Headquartered in Singapore with presence in Malaysia and Hong Kong, it enables merchants to boost customer acquisition, retention, conversion rates, and average basket sizes through interest-free installment payments. Consumers spread purchases over short terms matching salary cycles, accessing the service via hoolah.co without hidden fees. | Ebates is a San Mateo-based cashback portal, now part of Rakuten, rewarding users with rebates on purchases from 2,500+ retailers like Walmart, Macy's, and Booking.com. Members earn via browser extension or app tracking links for categories from fashion to travel. Acquired by Rakuten in 2014, it distributes quarterly payments worldwide. | Seedly is a Singapore-based FinTech platform offering personal finance management tools including account syncing, expense categorization, cashflow tracking, and budgeting features. Established in 2016, it connects to multiple banks for automated insights into balances and spending patterns. The app targets young professionals in Southeast Asia, supporting credit card and investment portfolio integration. Seedly partners with financial institutions like DBS and UOB, providing community forums and deal comparisons to optimize savings and investments across the region. |
| HQ Country | |  | |
| HQ City | Singapore | Seoul | Singapore |
| Deal Date | 2 Nov 2021 | 28 Apr 2020 | 8 May 2018 |
| Valuation | undisclosed | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all ShopBack acquisitions and their M&A valuation multiples. Start Free Trial | |||
ShopBack Competitors
ShopBack competitors include listed companies like Ziff Davis, Ibotta, QuinStreet and Groupon, and private ones like Raise and Snackpass.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 United States | Publicly listed | $1.5B | $335M | $2B | 1.0x | |
| United States | Publicly listed | $342M | $7M | $972M | 2.4x | |
| United States | Publicly listed | $1.3B | $61M | $1B | 0.7x | |
| United States | Publicly listed | $498M | ($19M) | $765M | 1.7x | |
| Chicago, IL | Private | - | - | $675M | - | |
| San Francisco, CA | Private | - | - | $400M | - |
ShopBack Public Comps
ShopBack is still privately-owned, but its public comps include Eurowag, ATRenew, Nextdoor, Ibotta, Bengo4.com, EverQuote, SMZDM.com, QuinStreet, Grupa Pracuj and AUCNET.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.7B | $119M | 0.5x | 3.0x | 10.3x | 7.5x | |||
| $3.1B | $84M | 0.2x | 0.2x | 8.2x | 6.6x | |||
| $258M | ($69M) | 2.4x | 2.2x | (8.8x) | 27.8x | |||
| $342M | $7M | 2.5x | 2.4x | 114.9x | 15.3x | |||
| $105M | $19M | 7.7x | 6.9x | 43.8x | 33.0x | |||
| $693M | $62M | 0.9x | 0.8x | 9.9x | 5.5x | |||
| $192M | $19M | 4.9x | 4.7x | 47.8x | 42.1x | |||
| $1.3B | $61M | 0.7x | 0.7x | 15.8x | 7.9x | |||
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Common questions about ShopBack
| When was ShopBack founded? | ShopBack was founded in 2014. |
| Where is ShopBack headquartered? | ShopBack is headquartered in Singapore, Singapore. |
| Is ShopBack publicly listed? | No, ShopBack is a private, VC-backed company. |
| What is ShopBack's valuation? | ShopBack was last valued at $900M in its Series F in October 2022. |
| How much funding has ShopBack raised? | ShopBack has raised $355M across 9 funding rounds. |
| What was ShopBack's last funding round? | ShopBack's last funding round was a $40M Series F in December 2022, led by Westpac. |
| Who are ShopBack's investors? | ShopBack's investors include Temasek, January Capital, East Ventures, 33 Capital, EDBI, Accel X, Cornerstone Ventures, EV Growth, Quest Ventures, Asia Partners Fund Management and 13 others. |
| Which companies are comparable to ShopBack? | Companies comparable to ShopBack include Ziff Davis, Ibotta, QuinStreet, Groupon, Raise and Snackpass. |
| How many companies has ShopBack acquired? | ShopBack has acquired 3 companies, including hoolah, Ebates and Seedly. |
See companies similar to ShopBack
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