Southeast Asia’s ShopBack strikes into private finance with its first acquisition – TechCrunch

Fundings and Exits

Singapore-based e-commerce startup ShopBack got here on the radar when it raised $25 million final November, and now the corporate is making its first acquisition.

ShopBack stated as we speak it has picked up Seedly, a fellow Singaporean startup that gives a private finance service, in an undisclosed deal. The complete group will transfer over and Seedly will proceed as a enterprise beneath ShopBack’s administration.

The ShopBack service is an e-commerce aggregator that helps on-line sellers attain prospects and incentivizes customers with cash-back rewards. Seedly, in the meantime, is designed to simplify finance for millennials and younger individuals throughout Southeast Asia. It was based two years in the past and raised seed funding from East Ventures (additionally a ShopBack investor) and NUS Enterprise in 2016, it additionally graduated Singapore financial institution DBS’s “hotspot” pre-accelerator program.

The deal is a reasonably uncommon instance of a smaller startup in Southeast Asia being acquired by a bigger one for extra than simply expertise, and there appears to be loads of potential synergies between the 2 providers.

ShopBack aspires to have shut touchpoints with how younger customers in Southeast Asia spend their cash on-line, so serving to them to handle it performs into that focus. In the meantime, Southeast Asia isn’t blessed with many native client finance providers — regardless of greater than 330 million web customers — so the Seedly enterprise can profit from ShopBack’s regional presence for enlargement.

The announcement of the deal comes 24 hours after ShopBack rival iPrice, which aggregates e-commerce in Southeast Asia, picked up a $four million funding led by chat app firm Line’s VC arm.

ShopBack has raised over $40 million so far from traders that embrace Credit score Saison, AppWorks, Intouch, SoftBank Ventures Korea and Singtel Innov8.

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