CEOs Joel Leong and Henry Chan share how they built ShopBack from a small team into a multi-million-dollar business
Have you ever wondered what it’s like being a CEO or founder of a successful company? Do they embody the stereotypical “workaholic” personality or is there more to them? In Employee No. 1, you get a rare, behind-the-scenes look at the lives of homegrown bosses under 40, and what it takes to run a thriving business.
Take Joel Leong, 35, and Henry Chan, 37, co-founders of ShopBack, for example. The pair may lead a multi-million-dollar business, but they certainly don’t fit the typical image of CEOs decked out in expensive suits and polished shoes. Instead, the duo sports a more casual, down-to-earth look that reflects their commitment to maintaining a startup culture, even as their company grows exponentially.
ShopBack, an e-commerce platform that allows shoppers to redeem cashback from merchants like Shopee, Adidas, and Traveloka, was born from Joel and Henry’s passion for startups. Long before starting ShopBack, both had been captivated by the mechanics of successful businesses and were particularly inspired by the American cashback company Ebates (now Rakuten Rewards). They recognized that there was a significant gap in the Southeast Asian market for this kind of business model.
In 2014, they made the bold decision to quit their stable jobs at e-commerce giant Zalora and dive headfirst into entrepreneurship. With the help of four other ex-Zalora colleagues, they launched ShopBack, each of them bringing their own expertise to the table. Joel and Henry’s strengths lay in business partnerships, while others on the team had backgrounds in marketing and design.
What started with just 15 full-time employees and around 20 interns in its first year quickly blossomed. By the second year, the business was expanding rapidly, and they had grown their workforce to about 100 employees. Fast forward to today, and ShopBack now boasts 750 employees across nine markets.
Despite this impressive growth, Joel and Henry remain committed to a horizontal startup culture that prioritizes openness and accessibility. Their leadership style exemplifies how humble beginnings and a focus on teamwork can drive incredible success, even in a competitive e-commerce landscape