The ShopBack Group announced that it has raised US$30 million in equity capital via a strategic investment from Westpac Banking Corporation. The raise follows the Group’s earlier announcement of its US$160 million Series F tranche from Asia Partners and 65 Equity Partners; together with commitments from other new and existing investors, this brings the final close of its Series F round to US$200 million.
The raise will support the Group’s growth efforts across the Asia Pacific as it gears up for the public markets, and will be invested into launching new shopping products for users, developing growth and payments solutions for merchant partners, extending its services to more markets, and building capabilities for public market readiness.
“The outcome of the Group’s Series F raise has far exceeded our own expectations, given the volatility in the capital markets and challenging macroeconomic environment. I am thankful for our shareholders’ conviction in our ability to execute and deliver, and am personally grateful to each ShopBacker who has committed to the vision of the Group and helped build our company together.”Henry Chan, Co-Founder and CEO of ShopBack Group.
As part of the equity investment, the rewards platform has also entered into a partnership with the Australian bank that will enable Westpac’s customers to gain access to exclusive offers and deals when they shop via ShopBack.