Singapore startup scores US$45m investment

  • Business
  • Wednesday, 10 Apr 2019

SINGAPORE: An Asian rewards app that works with Alibaba Group Holding Ltd. and major online brands has snagged $45 million from Japan’s Rakuten Capital and other investors.

Rakuten Capital and EV Growth are leading the investment round for ShopBack, which offers cashback and other rewards for a plethora of names from Airbnb and Foodpanda to and Alibaba’s Taobao. 

The Singapore-based startup, which has partnered with Visa and Mastercard, will use the capital to build up a data platform that provides merchants with insights into consumers, it said in a statement.

ShopBack, backed by the likes of SoftBank Ventures Asia, said it handled close to $1 billion in sales for some 2,000 merchants in 2018. The five-year-old startup operates across Asia and last year expanded to Australia, its first market outside of the region. - Bloomberg

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