“Can a regional cashback affiliate platform graduate into a fully licensed, integrated shopping and payments ecosystem across APAC?”
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.
ShopBack discloses ShopBack (in-house, MAS MPI licensed) as its banking provider, according to the Embedded Finance Index 2026.
ShopBack does not disclose a bank charter of its own; its banking services are provided through ShopBack (in-house, MAS MPI licensed).
ShopBack processes payments through ShopBack Pay (self-operated) and Checkout.com.
ShopBack's lending and capital products are provided by ShopBack (discontinued).
The Embedded Finance Index 2026 maps 3 layers in ShopBack's stack: Payments / PSP (ShopBack Pay (self-operated) and Checkout.com); Banking / BaaS (ShopBack (in-house, MAS MPI licensed)); Lending (ShopBack (discontinued), ShopBack PayLater (BNPL, discontinued March 2024) and hoolah (acquired 2021, wound down)).
ShopBack was founded by Henry Chan and Joel Leong and is founded in 2014, headquartered in Singapore.
ShopBack has raised $230M+ in total (latest round: Series F, 2022).
Get a read on where your own stack stands against ShopBack and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.