Company Overview
About ShopBack
ShopBack is a Singapore-based shopping, cashback, and rewards platform founded in 2014 by Henry Chan and Joel Leong. The platform connects consumers with over 20,000 merchant partners across 13 markets in Asia-Pacific and North America, enabling shoppers to earn cashback, rewards points, and exclusive discounts when purchasing from partner brands including major e-commerce platforms, travel booking sites, food delivery services, and fashion retailers. ShopBack operates at the intersection of affiliate commerce, fintech rewards, and consumer loyalty, making it the dominant cashback aggregator in the region.
Business Model & Competitive Advantage
ShopBack raised a total of $160 million in its Series F round across two tranches: $80 million from Asia Partners in 2022 and an additional $80 million from 65 Equity Partners (a wholly owned Temasek Holdings subsidiary) in a subsequent extension. Total venture funding across all rounds exceeds $300 million. The company achieved a major operational milestone in 2025 by reaching adjusted EBITDA profitability for three consecutive quarters, demonstrating a transition from growth-at-all-costs to sustainable unit economics. ShopBack now powers over $4 billion in annual gross merchandise value (GMV) for its merchant partners.
Competitive Landscape 2025–2026
In 2025, ShopBack continued its expansion into North America and deepened partnerships with regional tourism boards, including the Singapore Tourism Board, to drive inbound travel bookings. The company''s PayLater product — a buy-now-pay-later feature embedded within its shopping platform — further monetizes the transaction relationship with consumers and differentiates ShopBack as a full commerce-and-payments platform rather than a simple cashback aggregator.
Key Differentiators
Strong Challenger
ShopBack is an established challenger with significant market presence and competitive offerings in E-commerce & Retail.
Massive User Base
Trusted by 50M worldwide, demonstrating broad market appeal and proven reliability.
Frequently Asked Questions
Estimated Visibility Trend (Beta)
Simulated 8-week rolling score
Based on estimated brand signals. Historical tracking coming soon.
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