Cashback rewards program ShopBack have announced the latest successful result as a part of their extended Series F funding round, as they eye off continued growth in the Asia Pacific region.
ShopBack is celebrating a new entry into a subscription agreement with Singapore-based investment group 65 Equity Partners for US$80 million of capital as a part of the cashback program’s extended Series F funding round. The latest boost comes following the funding round having earlier secured another US$80 million in July as a result of investments led by yet another Singapore-based equity firm in Asia Partners.
The Series F funding round results thus far of US$160 million lift the total capital gained by ShopBack to more than US$300 million altogether, with the cashback services provider planning to invest the capital into the development of new products for customers, greater solutions for merchants and overall growth strategies as it seeks to continue expanding in the Asia Pacific market.
“ShopBack serves 35 million customers across 10 markets in the Asia pacific region, sending one million shopping journeys to over 10,000 merchants,” says Angus Muffet, General Manager of ShopBack Australia, “We see our role in customers’ lives becoming increasingly more important and useful as economic uncertainty continues. Expect to see us rolling out new products and features in the near term.”
The service is also planning for a holiday period presenting unique opportunities for both growth and revenue, having celebrated positive results in last year’s holiday period.
“In the weeks leading up to The Cyber Weekend in late November, ShopBack experienced a 52% increase in customer spend, with the average order value increasing 19% year-on-year. This trend has pleasingly continued into December,” Muffet said in December last year, “Average order values have increased from $163 in 2020 to $178 in 2021. ShopBack has seen a 40% increase in online traffic for 2021 as customers are visiting more websites to browse and shop.”
The positive results for ShopBack in Australia have maintained into this year, Muffet reports, with these successes already allowing for the brand to add further staff and seek to further grow its portfolio of product offerings – launching point of sale offering ShopBack Pay in January of this year.
“ShopBack views Australia as a critical growth market and has experienced 30 percent 2021/2022 year-on-year customer growth to almost 1.8 million customers,” says Muffet, “Over the past 12 months the gross merchandise value, the total value of merchandise sold through ShopBack Australia, has increased by 47% and we have tripled our Australia staff to more than 40.”
“And since starting our business in Australia in 2018 we have powered $2 billion in sales for our merchant partners and have given more than $130 million back to Australian consumers.”
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