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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