Cashback rewards player ShopBack has sold off its stake in Seedly, a personal finance community platform, to Hong Kong-based CompareAsiaGroup.
In a press statement on Tuesday, Seedly said that it will continue to run as an independently-branded standalone platform, while working with CompareAsiaGroup to develop the personal finance community in Singapore.
Regulatory filings dated Oct 26 show that Shopback’s entity, Ecommerce Enablers Pte Ltd, sold its entire stake in Seedly, comprising ordinary shares and preference shares with a total paid-up capital of nearly S$2.9 million and S$80,000 respectively. The selling price of the shares is not reflected in the filings.
The sale comes two years after ShopBack acquired Seedly to venture into the personal finance space. Founded in 2016, Seedly claims to have over 1.1 million unique monthly visitors to its personal finance community platform.
CompareAsiaGroup has a portfolio of brands across six markets in Asia – Hong Kong, Malaysia, the Philippines, Singapore, Taiwan and Thailand.
Originally published in The Business Times.