Shopback raises US$75M led by Temasek to expand in Asia
Singaporean shopping cashback platform Shopback is announcing US$45 million in funding led by Temasek, with participation from Rakuten, EDBI, EV Growth, Cornerstone Ventures, and 33 Capital, according to TechInAsia.
Shopback will use the funds to expand into new markets in Asia and diversify its core cashback service.
The company with 450 staff in total said that its business in Singapore is already profitable in terms of earnings before interest and tax (EBIT).
It is currently operating in seven markets, including Taiwan and Australia.