ShopBack
“Can a regional cashback affiliate platform graduate into a fully licensed, integrated shopping and payments ecosystem across APAC?”
Founded2014
HQSingapore
FoundersHenry Chan, Joel Leong
Total raised$230M+
Latest roundSeries F, 2022
IndustryFintech / Rewards & Payments
The story
Founded 2014 in Singapore as a cashback affiliate platform, ShopBack expanded into financial services in 2021 via the hoolah BNPL acquisition. After winding down PayLater in 2024, the company refocused on ShopBack Pay as the core financial product, securing an MAS Major Payment Institution licence in 2025 to operate as a regulated payments provider for account issuance, money transfer and merchant acquisition — pivoting from affiliate-rewards to an integrated shopping-and-payments ecosystem.
Product timeline
2014
Founded in Singapore as an online cashback platform· launch
2021
Acquired BNPL provider hoolah to enter financial services· acquisition
2022
Launched ShopBack PayLater (BNPL) in Singapore and Malaysia· lending
2022
Raised $80M Series F led by Asia Partners· funding
2024
Discontinued PayLater (BNPL) service in Singapore and Malaysia· pivot
2025
Granted Major Payment Institution licence by MAS for account issuance, domestic money transfer, and merchant acquisition· regulatory
Regulated entities
1
regulatory licence held by ShopBack
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
3 layers disclosed in ShopBack’s embedded-finance stack
Payments / PSP
ShopBack Pay (self-operated)Checkout.com
Banking / BaaS
in the full report
Lending
in the full report
Accounting gap: none
4 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.