ShopBack, the Singapore-based startup that offers cash back rewards, has acquired Ebates Korea, the company informed on Tuesday. Starting from April 28, Ebates Korea will cease operations and users will be directed to the ShopBack Korea beta platform, according to the announcement. The official launch of the new ShopBack Korea is tentatively slated for mid-2020.
The acquisition comes after ShopBack recently announced a USD 75 million extended funding round led by Temasek, bringing its total funding raised since 2014 to USD 113 million.
ShopBack said the takeover will grow its user base and roster of merchants, which will now include major Korean brands such as Gmarket, Wemakeprice, and 11Street. With that, ShopBack is expected to serve over 500,000 customers in South Korea this year.
“South Korea’s digitally mature mindset and rapid adoption of e-commerce makes it a core and high-potential market for cashback platforms. By entering the market through the acquisition of Ebates Korea, we will be able to leverage its strong local presence to quickly become the nation’s leading cashback platform,” said Henry Chan, CEO and co-founder of ShopBack.
ShopBack currently operates in Singapore, Malaysia, the Philippines, Thailand, Taiwan, Australia, Indonesia, and Vietnam. The platform connects sellers and customers by offering a cash incentive for every online purchase. In the process, the firm also generates marketing insights for merchant partners.
