Rakuten invests in Singapore cashback provider ShopBack

13, Apr. 2019

SINGAPORE, NNA – Japanese e-commerce giant Rakuten Inc. is investing in ShopBack, a Singapore-based startup offering cashback rewards to users of global services like Amazon and Booking.com in the Asia-Pacific region.

ShopBack has raised $45 million from Rakuten’s investment arm Rakuten Capital and Singaporean venture capital firm EV Growth. The Singapore government’s investment arm, EDBI Pte. Ltd., is also participating.

“The new capital injection brings ShopBack’s total funding to $83 million and adds Rakuten Capital as a significant shareholder,” Rakuten said in a statement on Wednesday.

It would not confirm the amount of its investment or share holdings.

Amit Patel, CEO of Ebates Inc., a Rakuten company, has been appointed to ShopBack’s board.

ShopBack, founded in 2014, offers cashback rewards on goods and services in Australia, Indonesia, Malaysia, the Philippines, Singapore, Taiwan and Thailand, according to Rakuten.

It said ShopBack orders and sales last year grew 250% year-on-year, with over 2.5 million monthly transactions and more than seven million users.