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
Major Payment Institution (MPI)
Singapore (MAS) · 2025
ShopBack
The stack
Payments / PSP
Banking / BaaS
Lending
Accounting gap: none