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.