Singapore-based cashback platform ShopBack has raised an additional $30 million in equity funding from Australia-based Westpac Banking Corporation, according to an announcement on Thursday.
The company’s filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) show that the funds were part of its Series F extension round.
Together with the $160 million raised collectively from Temasek’s 65 Equity Partners and Asia Partners earlier this year, the total funds amassed by ShopBack in its Series F round now stands at around $200 million.
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 DATA VANTAGE show that Temasek, with a nearly 16% stake in the company, is its 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 on top of bonus cashbacks when they shop via ShopBack. This means that more than five million Westpac credit and debit card customers will be able to 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 BNPL product, ShopBack Paylater, that is available in Singapore, Malaysia, and Thailand.
Meanwhile, the company has also been strengthening its leadership team. Former Slack executive San Oo has joined as its new chief technology officer; Alessio Romeni has joined as commercial managing director, while Alexander Yardley has been roped in as a global accounts managing director. Romeni was formerly the chief revenue officer of Zalora, while Yardley had stints at Agoda and eBay.