ShopBack is a cashback and rewards platform that lets shoppers earn money back on purchases made through its app or website with partner retailers, typically by redirecting users to merchants and sharing a portion of the referral commission. Pulse 2.0 interviewed ShopBack co-founder Joel Leong to gain a deeper understanding of the company.
Joel Leong’s Background
Could you tell me more about your background? Leong said:
“I grew up in Singapore and started my career in investment banking. While that taught me a lot about structure and analysis, I was always more drawn to building things — especially products that could scale and make a tangible impact. That curiosity led me to the eCommerce space, and eventually to co-founding ShopBack in 2014 with a group of former colleagues turned friends. We believed in a simple idea : If we could make shopping more rewarding, everyone wins — consumers, brands, and the broader ecosystem.”
Formation Of The Company
How did the idea for the company come together? Leong shared:
“The idea for ShopBack was born out of personal frustration. We saw how fragmented online shopping had become. Consumers had to jump through hoops to find promo codes, loyalty rewards, or cashback offers. We thought, “Why not bring it all together and make saving money easy, even fun?” That insight then became ShopBack — a one-stop rewards platform that helps consumers shop smarter and save more. Over time, we have expanded from online Cashback to also include in-store payments with ShopBack Pay, and gamified experiences through ShopBack Play.”
Favorite Memory
What has been your favorite memory working for the company so far? Leong reflected:
“There are a lot, but one that stands out is our recent U.S. launch. Entering such a mature and competitive market was a huge undertaking — and we had to prove our value fast. Seeing our team build the local experience from scratch, and watching ShopBack surpass a local Cashback and coupons company in mobile app engagement within the first month, was incredibly rewarding. It reminded us of what’s possible when execution meets belief.”
Core Products
What are the company’s core products and features? Leong explained:
“At its core, ShopBack is a rewards platform. We help users earn Cashback from nearly 4,000 merchants in the U.S. — including Amazon, Walmart, Sephora, and Booking.com. Beyond that, we’ve built:
— ShopBack Pay: In-store payments with Cashback that gets instantly tracked — now live in Singapore, Malaysia, Australia, and soon to launch in Hong Kong
— ShopBack Play: A gamified hub where users play games like Monopoly Go to unlock extra rewards.Browser extension and app : Built to ensure users earn rewards on every purchase — wherever they shop.
Challenges Faced
Have you faced any challenges in your sector of work recently? Leong acknowledged:
“Standing out in an extremely crowded eCommerce landscape is always a challenge — especially in the U.S. We leaned into what makes us different : delivering value that is not just passive, but engaging — making earning rewards fun, effortless, and personalized. By building features like ShopBack Play, we are also creating daily habits that go beyond purely shopping rewards. It is helping us create real stickiness with new users.”
Evolution Of The Company’s Technology
How has the company’s technology evolved since launching? Leong noted:
“We started with a simple model : click, shop, earn Cashback. Since then, our tech stack has evolved significantly. Today, we support real-time integrations with thousands of merchants, personalized recommendation engines, in-app gamification engines, and scalable infrastructure across 13 markets. We’re continuously improving UX, reliability, and speed — in rewards tech, any delays equate to lost trust.”
Significant Milestones
What have been some of the company’s most significant milestones? Leong cited:
— Expanding from Singapore into 13 markets — beginning with SEA and APAC, and now including Germany and the U.S.
— Powering over US$4 billion in annual sales for our merchant partners.
— Awarding over US$650 million in Cashback rewards to date to our users.
— Launching ShopBack Pay to close the loop on offline-to-online commerce.
— Building a user base of over 55 million shoppers globally.
Customer Success Stories
Can you share any specific customer success stories? Leong highlighted:
“During our U.S. launch, one user discovered ShopBack Play and turned it into a daily routine. By engaging with games, daily deals, and browser extension finds, they earned over US$800 in Cashback in a single month. It demonstrated how the right balance of utility and engagement can drive tangible results for everyday shoppers. It also reminded us that rewards should be meaningful and engaging — we are building habits, not just transactions!”
Funding/Revenue
Are you able to discuss funding and / or revenue metrics? Leong revealed:
“We’ve raised over US$300 million to date from investors including Temasek, Rakuten, EV Growth, and others. While we won’t disclose exact revenue figures, we’ve been growing healthily across all markets, and the U.S. is already showing promising early traction. Our revenue model is tied to performance marketing, we only earn when our partners do.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Leong assessed:
“The global demand for rewards, Cashback, and value-drive shopping continues to rise as consumers become more intentional with how they spend. In the U.S. alone, eCommerce sales are projected to surpass US$1.7 trillion by 2027. Our goal is to become the go-to rewards platform that powers this everyday experience.”
Differentiation From The Competition
What differentiates the company from its competition? Leong affirmed:
— Gamification: We don’t just offer passive rewards. ShopBack Play makes saving interactive and habit-forming.
— Stackability: Users can stack Cashback rewards with credit card perks, merchant discounts, and other deals — making us a value-maximizing platform.
— Scale + Local Relevance: We operate across 13 markets, serving over 55 million shoppers globally, while tailoring our approach to local needs, behaviors, and partners in every market.
Future Company Goals
What are some of the company’s future goals? Leong concluded:
“Our focus is scaling our presence in the U.S. while continuing to innovate and create features that drive long-term loyalty. You’ll see more investment in AI-driven personalization, brand partnerships, and new formats that combine commerce with entertainment. We want ShopBack to be the default rewards and savings companion for every shopper across major markets — whether they are browsing online, shopping in-store, or discovering deals in-app.”
