According to The Australian Financial Review, Singapore-based online shopping start-up ShopBack launched in Australia last April, offering consumers the chance to earn money back on e-commerce transactions with the likes of ASOS, eBay, Booking.com and Woolworths Online.
The new funding round brought the company’s total funding to $US83 million, being led by Singapore-based EV Growth and US-based online cashback pioneer Ebates.
It goes up against well-established Australian rival Cashrewards in the local market, which has a bigger market share, but was later to market with its mobile app.
ShopBack Australia country general manager Angus Muffet described the funding round as a "pivotal moment" for the company in Australia, as it expands from offering money back on traditional retail purchases to incorporate other categories like travel, ride hailing and food delivery.
"Evidenced by the strength in our numbers to date and the growth in online retail in the region it is possible for us to make ShopBack a daily shopping experience for Australians," Mr Muffet said.
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