Singapore-based lifestyle portal ShopBack, known for its online shopping cashback platform, has acquired personal finance management platform Seedly.
The move, which follows ShopBack raising US$40 million funding in November, will enable the portal to expand its financial products and community vertical, reports Deal Street Asia.
Seedly will continue to run as an independently branded standalone platform. Founded in 2016, it has an app that helps users make financial decisions. It allows its 40,000 users to sync up their financial accounts and better manage their cashflow. It can even crowdsource knowledge from peers regarding financial decisions.
ShopBack has more than 3.5 million consumers across six Asia-Pacific markets such as Indonesia, Malaysia, Singapore and Taiwan. It has monthly traffic of more than 350,000 hits, which is growing.