ShopBack

ShopBack
IndustryE-Commerce, Online coupons
FoundedAugust 2014
FoundersHenry Chan
Joel Leong
HeadquartersSingapore
Area served
List
  • Australia
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • South Korea
  • Taiwan
  • Thailand
  • Vietnam
ServicesCashback

ShopBack is a cashback reward program[1] available across the Asia-Pacific (APAC). It allows online shoppers to receive a small percentage of their purchases on the platform, paid for through affiliate programs by the merchant. The platform also provides coupons, voucher codes, product comparison, QR code payment,[2] and most recently, buy-now-pay-later.[3] It has 30 million users.[3]

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, South Korea,[5] Taiwan, Thailand, Vietnam.

History

ShopBack’s founding team was previously from Zalora.

In April 2020, ShopBack announced the acquisition of Ebates Korea.[5][6][7]

On 17 September 2020, ShopBack suffered a data breach.[8][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]

ShopFest

ShopBack ShopFest[18] 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.[19] Other highlights of ShopFest includes MyCyberSale in Malaysia[20] (27 Sep - 3 Oct), the 12.12 Hari Belanja Online Nasional[21] (Harbolnas) in Indonesia, and Click Frenzy[22] in Australia (12 - 13 Nov)

References

  1. ^ "Singapore startup ShopBack pays you to shop online". Retrieved 27 March 2015.
  2. ^ "Tech in Asia - ShopBack rolls out new payment feature". www.techinasia.com. Retrieved 2022-08-03.
  3. ^ a b "Tech in Asia - ShopBack rolls out BNPL service in SG, Malaysia amid global refresh". www.techinasia.com. Retrieved 2022-08-03.
  4. ^ "Cashback Launch as Featured in the Australian Financial Review 2018". 30 April 2018.
  5. ^ a b "ShopBack makes foray into South Korea with Ebates Korea buy". www.businesstimes.com.sg. 28 April 2020. Retrieved 2021-05-13.
  6. ^ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2021-05-13.
  7. ^ "ShopBack enters South Korea with acquisition of Ebates Korea". Qualgro VC. 2020-04-28. Retrieved 2021-05-13.
  8. ^ "Customer Notice FAQs". Shopback AU. Retrieved 2020-10-27.
  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". 17 February 2015. 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. ^ "Asian shopping platform to bring together Shopee, Lazada, Taobao and Qoo10". 30 August 2018. Retrieved 4 September 2019.
  19. ^ "12 Biggest Sales in Singapore Not to Miss". 2019-07-03. Retrieved 4 September 2019.
  20. ^ "ShopBack launches ShopFest to highlight six major online sales in Q4". 2018-08-22. Retrieved 4 September 2019.
  21. ^ "Harbolnas, ShopBack Recorded Its Highest Transaction Throughout 2018". Retrieved 4 September 2019.
  22. ^ "Click Frenzy Mayhem Smashes Records". Retrieved 4 September 2019.