- Cashback giant ShopBack expands to New Zealand with dedicated app, website.
- Extension follows 20% revenue dip but new merchant partners amid Kiwi launch.
- Firm cuts workforce, shutters pay later service to ensure viability after $331M fundraise.
ShopBack, the Singaporean cashback and rewards giant, has extended its services to New Zealand. Co-founder Joel Leong announced the launch of a dedicated mobile app and website tailored for Kiwi users.
Ups and downs in the cashback game
New Zealand marks an extension of ShopBack’s existing services in the Australian market, partnering with nearly 200 local merchants and brands.
Kiwi shoppers can now revel in exclusive deals and enhanced cashback payout options to New Zealand banks. This development comes amidst a 20% dip in ShopBack’s annual revenue to US$87.7 million for the fiscal year ended March 2023.
While losses before taxes increased by 29%, largely due to one-time staff payments and business mergers, the Temasek-backed company remains resilient.
Trimming the fat for a leaner future
To ensure long-term viability, ShopBack cut 24% of its workforce, or 195 employees, last month, streamlining operations.
Simultaneously, the company announced the shutdown of its buy now, pay later service, effective March 22. With a total disclosed funding of US$331.1 million, including a recent US$30 million Series F from Australian bank Westpac, ShopBack continues its cashback conquest.
To read the original article: https://www.techinasia.com/shopback-launches-in-new-zealand
