eCommerce business Shopback has secured $32 million in its latest funding round, as it prepares to take on Australia.
Shopback will launch into the market in the first half of 2018.
ShopBack is an online loyalty platform that allows consumers to take a percentage of their Cashback when they buy products through the platform.
It also provides discount coupons and voucher codes for online shopping.
It is currently affiliated with over 1,300 merchants globally and provides marketing solutions for these partners across the online retail, travel and lifestyle segments.
ShopBack processes close to 1,000 orders per hour, with an annualised sales figure of over AU$390 million.
Since its inception in 2014, over three and a half million consumers across six countries in South-East Asia have signed up to the platform.
ShopBack regional expansion head Josephine Chow said the business model allows for significant growth in online shopping across South-East Asia.
“While our online loyalty platform remains the same across countries, we will use specific marketing and product strategies to address the needs of Australian consumers.”
The latest funding round for ShopBack was around AU$32 million, with Blue Sky Venture Capital among key investors.