SG Digest: ShopBack officially launches in Vietnam; PPRO raises $50m led by Sprints Capital

Team Shopback. Photo: ShopBack

Singapore-based cashback app ShopBack will officially launch its website and mobile app in Vietnam on August 8. In a separate development, local payments platform-as-a-service PPRO announced that it has raised $50 million led by Sprints Capital.

ShopBack officially launches in Vietnam

ShopBack, a Singapore-based startup that offers cashback rewards, will officially launch its website and mobile app in Vietnam on August 8.

The company’s Vietnamese representative confirmed the development to DealStreetAsia.

Online shoppers in Vietnam can earn up to 25 per cent cashback from over 150 merchants, including brands like Lazada, Shopee, Watsons, and Booking.com.

ShopBack Vietnam was launched in Beta late last year.

Founded in Singapore in 2014, ShopBack boasts over 19 million users across its markets, offering cashback with its 2,000- strong merchant base across general merchandise, travel bookings, fashion, health and beauty, groceries and food delivery.

In March, the Singapore-based cashback app secured $75 million in an extended funding round led by Singapore’s state investor Temasek. The round was joined by existing investors Rakuten, EDBI, EV Growth, Cornerstone Ventures, and 33 Capital.

PPRO raises $50m led by Sprints Capital

Singapore-based local payments platform-as-a-service PPRO announced that it has raised a $50 million financing round led by Sprints Capital with participation from existing investors Citi Ventures and HPE Growth.

PPRO partners with payment service providers (PSPs) around the world to serve merchants.

The company said that it will use the funding to scale the organisation and accelerate its strategic growth plans for its global platform.

“We have invested in PPRO for the second time because we believe in the company’s strategy, and we’ve seen their power to deliver. With their local payment methods, PPRO fuels our consumer payments offering for institutional clients, Spring by Citi. Our partnership will help to empower Spring by Citi clients to deliver a seamless payments experience for their customers,” said Luis Valdich, Managing Director, Citi Ventures.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.