Singapore’s ShopBack acquires Seedly, aims to expand financial products vertical

Team Shopback. Photo: ShopBack

Singapore-based lifestyle portal ShopBack, popularly known for its online shopping cashback platform, has acquired Seedly, the personal finance management platform, targeting to expand its financial products and community vertical.

This is the first acquisition of ShopBack after it raised $40 million funding in November 2017, according to an announcement.

ShopBack has raised a total of $40 million from investors like SoftBank Ventures Korea and the Mizuho Financial Group.

Post the transaction, Seedly will continue to run as an independently branded standalone platform. Founded in 2016, Seedly created an app that helps users make smarter financial decisions with its budgeting app that allows its 40,000 users to sync up their financial accounts and better manage their cash-flow.

The personal finance management platform, backed by East Ventures and NUS Enterprise in a seed round last year, introduced a new community feature which allows users to crowdsource knowledge from peers before making a financial decision. The feature saw over 300 per cent growth in users in the past six months.

ShopBack, meanwhile, is a one-stop lifestyle portal that powers smarter purchase decisions, with more than 3.5 million consumers across six Asia-Pacific markets such as Singapore, Malaysia, Indonesia and Taiwan.

Through Seedly, it gains access to a strong and unbiased personal financial brand with an active community. At over 350,000 and growing unique monthly traffic, Seedly hopes to become a key platform for millennials to tap on to access financial products in Singapore and the region.

“Both our teams believe in helping our users make smarter decisions in consumer spending and personal finance for digital consumers in the South East Asia market. Seedly fits the bigger picture of the Smarter Way, representing huge synergies” said Henry, CEO Co-founder of ShopBack.

ShopBack now has a team of 150 and counts over five million monthly users across desktop and mobile. It has over 1,300 regional merchants on its platform.

Also Read:

Japan’s Credit Saison leads $25m round in Singapore lifestyle portal ShopBack

Shopback secures $600k seed funding from East Ventures & Accel-X

Shopback secures $600k seed funding from East Ventures & Accel-X

 

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. 
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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.