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.