E-commerce startup ShopBack clinches US$45m funding from Rakuten and EDBI

The proceeds will be used to enhance data capabilities and fuel expansion plans.

E-commerce startup ShopBack has secured US$45m in its latest funding round led by EV Growth, Rakuten Capital and government-linked EDBI that brings its total funding to US$83m.

The proceeds of ShopBack’s latest round of funding will be used into simplifying shopping experiences, expand data capabilities to fuel personalisation and business insights and fuel its expansion plans. In 2018, the startup expanded Australia and opened R&D hubs in Vietnam and Taiwan.

ShopBack works by rewarding users with cashback for their online purchases including e-commerce, online travel, ride-hailing and food delivery. It earlier launched ShopBack GO in partnership with Visa and Mastercard to enable users to get paid whilst eating out.

The latest funding round comes on the heels of a strong year for the firm where orders and sales grew 250% YoY. During this period, ShopBack also powered over 2.5 million monthly transactions and delivered nearly a billion sales for its merchant partners.

Amit Patel, CEO of Rakuten firm Ebates, Inc. and Willson Cuaca, Managing Partner of EV Growth, will join ShopBack’s board of directors.

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