Temasek-Backed ShopBack Cuts 24% of Jobs in ‘Pay-Later’ Defeat
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ShopBack, an online shopping rewards app backed by Temasek Holdings Pte, is cutting about a quarter of its workforce as it retreats from the buy-now-pay-later space.
The company is eliminating 195 roles, or 24% of its staff, to become more focused and self-sustainable, Chief Executive Officer Henry Chan said in a note to employees on Tuesday. ShopBack had started freezing salaries for leaders and paying out lower bonuses since 2022, but sustainable growth remained a challenge, he said.