ShopBack says U.S. GMV rose 373% in first nine months of 2026

ShopBack says its U.S. gross merchandise value jumped 373% in the first nine months of 2026 as monthly active users more than doubled. The rewards platform is leaning on Gen Z and millennial shoppers, mobile-first habits and cashback stacking as it expands from Austin.

Why it matters: - ShopBack’s U.S. growth suggests cashback and rewards are moving from a niche perk to a bigger part of how younger Americans shop. - The platform’s momentum also signals that value-seeking consumers are increasingly combining promotions, coupons and credit card rewards to stretch budgets. - ShopBack says U.S. shoppers now use the platform six times per month on average, showing repeated engagement rather than one-time use.

What happened: - ShopBack said U.S. gross merchandise value rose 373% in the first nine months of 2026. - Monthly active users in the U.S. more than doubled in the same period. - Average monthly user spend increased more than 70%. - The company announced the results on Oct. 5, 2026, from Austin, where its U.S. operations are based. - ShopBack said it has more than 20 million active users across 13 markets.

The details: - ShopBack said its U.S. shoppers complete an average of six shopping trips per month through the platform. - Gen Z and millennial users make up 85% of ShopBack’s U.S. user base. - Some of the highest-spending U.S. users have earned up to $12,000 in cashback. - ShopBack said it has returned $900 million in cashback to shoppers across 13 markets. - The platform works with retail and brand partners across fashion, travel, electronics, gaming and everyday essentials. - U.S. partners include Booking.com, Sam’s Club, DoorDash, Ulta and Nike. - ShopBack said users can transfer cashback directly to bank accounts through ACH or PayPal, unlike points-based rewards programs. - The company also offers shipping rebates, shopping quests and ShopBack Play, which lets users earn cashback by playing mobile games. - ShopBack operates through its app, website and browser extension. - Founded in 2014 and headquartered in Singapore, ShopBack says it powers more than $5.5 billion in annual sales for more than 20,000 brands and retailers worldwide. - ShopBack officially launched in the U.S. in 2025. - Earlier this year, Fast Company named ShopBack to its Most Innovative Companies list in the Personal Finance category for 2026.

Between the lines: - The growth points to a broader shift toward “stacking,” where shoppers layer cashback, coupons, promotional offers and credit card rewards in a single purchase journey. - ShopBack’s U.S. user mix suggests the company is finding its strongest fit with younger, mobile-first shoppers who already move across platforms while they buy. - The CNBC.com docuseries tied to the announcement gives ShopBack another way to build awareness around everyday spending behavior, not just its product. - ShopBack’s move into sports marketing through the University of Texas Athletics partnership suggests the company is also trying to turn brand visibility into user acquisition.

What’s next: - ShopBack is continuing to expand its U.S. presence from Austin. - The company plans to build more U.S. awareness through its multi-year partnership with University of Texas Athletics. - The partnership names ShopBack the Official Shopping Rewards Sponsor of the Texas Longhorns. - The Longhorns deal includes cashback rewards, sweepstakes, student-athlete collaborations and the new ShopBack Gate at Darrell K Royal-Texas Memorial Stadium. - ShopBack is also using the new CNBC.com docuseries to keep the cashback conversation in front of U.S. shoppers.

The bottom line: - ShopBack is emerging as a fast-growing U.S. rewards player by pairing real cashback with mobile-first shopping habits and a younger consumer base.