The company’s filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) show the funds are part of its Series F extension round. They follow the US$160 million raised from Temasek’s 65 Equity Partners and Asia Partners earlier this year.
ShopBack, which also counts SoftBank Ventures Asia and Rakuten Capital among its investors, offers cashback and other rewards for brands and retailers such as Dyson, Lululemon and Foodpanda.
Data from DealStreetAsia shows that Temasek, with a nearly 16% stake in the company, is ShopBack’s top shareholder followed by Rakuten Capital, Asia Partners and East Ventures.
As part of the latest equity investment, customers of Westpac – Australia’s third largest lender – will be allowed to access exclusive offers and deals when they shop via ShopBack. This means that more than 5 million Westpac credit and debit card customers can access exclusive cashback offers via a dedicated Westpac hub on the ShopBack app and website.
“With more customers choosing to shop online, we’ll also be exploring new ways to expand on this offering within Westpac’s digital channels,” Steve Rubenstein, Westpac’s managing director for consumer finance, said in a statement.
ShopBack also has a “buy now, pay later” product, ShopBack Paylater, available in Singapore, Malaysia and Thailand.
The company has also been bolstering its leadership team. Former Slack executive San Oo has joined as its new chief technology officer, Alessio Romeni has come on board as commercial managing director, while Alexander Yardley has been appointed global accounts managing director. Romeni was formerly the chief revenue officer of Zalora, while Yardley had stints at Agoda and eBay.
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