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Shopping rebates website Fanli.com receives about US$100m investment from Japan’s Rakuten
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SHANGHAI-BASED online shopping rebates website Fanli.com said it has received close to US$100 million of financing from Japanese e-commerce giant Rakuten to fuel growth and drive collaboration.
Fanli.com provides users with rewards normally between three to eight percent on each order that users place through Fanli.com's promotion links.
Rakuten's investment in Fanli represents slightly less than 10 percent of the Chinese website's entire stake.
Ge Yongchang, CEO of Fanli, said the company plans to use the capital for potential investment or acquisitions of companies that could complement its current business.
"Rakuten has rich experience in the e-commerce sector in Japan as well as the US and we plan to strengthen collaboration with overseas shopping websites with the rising of consumers' appetite for overseas products," Ge told a media briefing in Shanghai yesterday.
Now the website has about 70 million registered users and is working with over 400 online shopping websites including leaders like Taobao, Tmall, JD.com as well as Apple and Xiaomi's official website, according to Ge.
The average monthly transaction through the website is around 300 million yuan.
Last September, Rakuten spent US$1 billion in cash to acquire San Francisco-based online shopping rebate website Ebates Inc.
Kevin Johnson, chief executive officer of Ebates Inc, will join the board of directors of Fanli.com following the investment from Rakuten and Ge expects more synergies between the two companies in the future.
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