Payment services firm Credit Saison has led a $25m funding round for Singapore-based e-commerce platform ShopBack that included telecommunications companies Intouch Holdings, SoftBank and Singapore Telecommunications.
Blue Sky Ventures, AppWorks, Aetius Capital, 33 Capital, Qualgro and East Ventures also took part in the round. SoftBank and SingTel invested through respective subsidiaries SoftBank Ventures Korea and Singtel Innov8.
Founded in 2014, ShopBack runs an e-commerce platform that enables consumers to access curated offers and cashback options provided by its online retailer partners. It entered consumer goods producer Unilever’s Foundry hub earlier this year.
The company operates in Singapore, Malaysia, Indonesia, the Philippines, Thailand and Taiwan, and revealed the new funding as it prepares to enter the Australia and New Zealand markets.
ShopBack, which recently launched a mobile portal that lets consumers choose between a range of ride hailing services, also intends to use the funding to boost its product development and R&D teams.
The company had previously operated in stealth, but disclosed it had raised $15m before the latest round, and identified SoftBank Ventures Korea, Singtel Innov8, East Ventures and Qualgro as existing investors.