By Nick Hedley
Temasek’s 65 Equity Partners unit has invested $80 million into ShopBack, a shopping and rewards platform that operates across the Asia Pacific region.
ShopBack said in a statement the funding would go towards the launch of new products, its payment solutions for merchants, extending its services into new markets, “and building capabilities for public market readiness.”
“We are thankful to have successfully raised an oversubscribed fundraising round during these tumultuous times, underscoring strong fundamentals of the ShopBack business model,” said Henry Chan, co-founder and CEO of ShopBack Group.
In January, the company launched ShopBack Pay, a service that allows users in Singapore and Australia to check out at more than 3,000 merchants. Last December, ShopBack acquired hoolah, a “buy now, pay later” firm operating in Southeast Asia.
Following the investment, 65 Equity Partners will join ShopBack Group’s board of directors and will “play a direct role in supporting the group’s public readiness efforts,” the company said.
“We are excited to partner with ShopBack in their next phase of growth, as the company further strengthens its position as the leading shopping and rewards platform in the Asia-Pacific,” said Tan Chong Lee, CEO of 65 Equity Partners.
“This investment aligns strategically with our mandate of supporting high-growth businesses led by founders and entrepreneurs in their continued business development, as well as facilitating their potential listings on the Singapore Exchange.”
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