Having raised US$80 million from Asia Partners in July this year, total funds raised by ShopBack in its Series F round now stand at US$160 million, the company said on Monday. It has raised over $310 million in total funding to date.

Following this investment, 65 Equity Partners will join ShopBack Group’s board of directors.

Established in October 2021, 65 Equity Partners invests in companies valued between US$1 billion and US$5 billion across the world.

ShopBack, which counts SoftBank Ventures Asia and Rakuten Capital as its investors, offers cashback and other rewards for brands and retailers such as Dyson, Lululemon and Foodpanda.

The platform will channel the additional capital toward launching new products for users and developing growth and payment solutions for its merchant partners. It will also look at extending its services to more markets.

“Our new partners bring a wealth of expertise and knowledge, which will be critical for the next phase of our journey,” said Henry Chan, co-founder and CEO of ShopBack Group.

ShopBack’s website indicates that it has expanded services to 10 markets across Southeast Asia, Australia, South Korea and Taiwan since its founding in 2014 by Chan and Joel Leong.

Prior to its Series F fundraise, the company had raised US$75 million in a funding round led by Temasek, Rakuten and East Ventures in 2020.

The funds went toward buying fintech startup Hoolah in late 2021, which allowed it to expand its buy-now-pay-later services in Southeast Asia. For instance, the company launched ShopBack Pay in January, allowing shoppers to pay in-store at over 3,000 merchants in Singapore and Australia with payment methods such as GrabPay or credit cards while stacking up rewards.

The company launched its cashback service in Hong Kong in August.

ShopBack generated US$42.24 million in revenue and showed a net loss of US$25.21 million for the financial year that ended in March 2021, according to data compiled by DealStreetAsia.