ShopBack Layoffs
Industry Retail · Location Singapore · Singapore · Subscribe (RSS)
ShopBack has 1 publicly reported layoff round on record (most recent March 19, 2024). A total of about 195 employees were affected across these rounds.
Layoff history
ShopBack cut 195 employees, 24% of its total headcount, on March 19, 2024, as the Temasek-backed shopping rewards platform retreated from its buy now, pay later operations in Singapore and Malaysia. CEO Henry Chan acknowledged the company had taken itself in "too many directions" during a hiring surge that grew headcount from 550 to more than 900 between 2021 and early 2022. Management said it had exhausted all alternatives before the cuts, including freezing salaries, canceling bonuses, and leaving more than 100 open roles unfilled. Affected employees received at least two months of notice pay, one month of severance per full year of service, a one-month bonus, and medical insurance coverage extended through June 30, 2024. Repatriation costs were also covered for staff on work visas.
Reason: Overexpansion, strategic refocus, and withdrawal from BNPL products
Source: bloomberg.com
Data for ShopBack is compiled from public WARN Act filings and reporting linked above. See our methodology.