Singaporean startup pours $15 million into Vietnam s cashback market

ShopBack Vietnam debuted in Vietnam in August
Truc Nguyen, country manager of ShopBack Vietnam said that the startup unveiled its beta launch in Vietnam in late 2019 and made an official debut last August. It has continuosly improved the app and invested $15 million in the local market. To date, VND22 billion($956,520) in cashback has been given out to ShopBack users in Vietnam.
"Depending on the market conditions, user demand, and readiness of our technical and product partners, we will expand our offerings and raise more investment to make cashback a new shopping habit in Vietnam," she said. 
ShopBack is backed by e-commerce group Rakuten Group Inc., one of the better-known companies that dole out cash-back rewards for online purchases. Other investors into the startup are EV Growth, Temasek Holdings, and Credit Saison, among others. ShopBack has raised a total funding of $134 million since 2014.

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