Henry Chan worked at Zalora before he and five colleagues left in 2014 to start ShopBack. The company began in August 2014 in Singapore.
A seed round of over $500,000 came in 2014. In March 2015 East Ventures and Accel-X led a $600,000 round, and about $15 million more followed before the Series A.
Credit Saison led a $25 million Series A in November 2017. By early 2018 annualised sales passed $500 million with 5 million users. In April 2019 Rakuten Capital and EV Growth led a $45 million round.
ShopBack bought Seedly in May 2018 and sold it in October 2020. It acquired Ebates Korea in April 2020. On 17 September 2020 it had a data breach, and customers were notified eight days later. In November 2021 it acquired hoolah. It now serves about 30 million users in 13 countries.