As the cashback platform approaches its one-year birthday, the company has announced a new round of funding in a bid to fuel its next endeavour.
Shopback, which is one of Australia’s leading cashback rewards platforms, on Wednesday announced the news after a year of stellar growth with 250% year-on-year growth in orders in 2018.
The $45 million funding, which came from a series of investors including EV Growth, Ebates, Inc and Qualgro, brings the company’s total funding to $83 million.
The capital injection will see the company branch out its offering in coming months, Angus Muffet, Shopback Australia Country Mangager told Retailbiz.
“What it means for our business at a high level will be building three things: expanding across the Asia Pacific region, launching and developing new product features and establishing market leadership across the region,” he said.
Muffet told Retailbiz the news will mean that retailers who work with the company can expect a better and enhanced suite of product offerings that help them reach new audiences.
“From a market leadership perspective it means we are now able to provide a larger funnel of new customers and our main focus in this region is around mobile,” he said.
The news comes as rewards schemes like cashback grow exponentially worldwide. With retailers facing growing competition and increasingly flooded market, Muffet says these platforms help give retailers access to new markets.
“What we aim to do is help retailers cut through the noisy space that is retail marketing and amplify the current marketing message to our audience.”
The announcement comes as the platform approaches its one-year anniversary on the 15th April.
“We are excited to celebrate Shopback’s first year in the Australian market with customers by showcasing some of the biggest never-before-seen brands and for 7 days consumers can come to the site and see over 950 brands and killer offers.”