Pakistan-based fintech Savyour, which developed the country’s first cashback app and pay-per-sale affiliate marketing network, has raised US$3.3 million in a seed round co-led by Global Founders Capital and Zayn Capital. The round saw participation by Fatima Gobi Ventures, Disrupt.com, Rally Cap Ventures, +92 Ventures, Suya Ventures, Mir Aamir, ex-CEO of Quotient Technologies and Pere Hospital, co-founder of Secways. This seed funding will be used to accelerate Savyour’s online expansion and launch the in-store feature for the platform.
Launched in August 2020 by Umair Gadit and Saad Gadit, the fintech startup is revolutionising the shopping experience in Pakistan on a holistic level for both consumers and merchants. Savyour also drives financial inclusion by incentivising transactions regardless of the mode of payment. Savyour’s purpose is to enable consumers to buy better brands at the best prices while enabling brands, retailers and e-tailers to grow their business on a pay-per-sale model. Consumers get the opportunity to save as they shop, while also discovering new businesses with the help of the platform’s vast network.
What sets Savyour’s cashback app apart from other rewards platforms is that users are able to redeem the amount saved in their Savyour wallets directly into their bank accounts or digital wallets, regardless of the mode of payment. The platform’s ‘triple-stacked savings’ offering means that cashback is applicable on top of any deals, vouchers and bank discounts that users may utilize at the time of checkout. Partner brands only need to pay commissions for every successful transaction done through Savyour, making it a marketing platform driven purely by returns on investment.
Umair Gadit, Co-Founder and Chief Executive Officer of Savyour said: “Over 64% of Pakistan’s population is below 30, which means you have a new wave of shoppers who are demanding, tech-savvy and seek more value for their money to counter inflation. Savyour acts as the ultimate shopping companion for buyers by providing them with the best rewards and curation of local brands.
“Pakistan’s commerce sector faces a number of challenges; the lack of consumer trust and confidence, being dominated by SMEs that lack both talents and resources to grow, and having no dedicated discovery platform. Digitizing this space will open up new opportunities and help level the field, for both consumers and businesses,” Gadit added.
In less than a year, Savyour has processed more than 200,000 orders and onboarded over 250 partner brands including leading players such as Daraz, foodpanda, Bata, Baggallery, elo, Naheed.pk and Pizza Hut. Overall, Savyour has seen 52% month-over-month growth since its launch and disbursed over PKR 100 million in cashback to their users. Currently, Savyour’s user base extends across 58 Pakistani cities.
Tito Costa, Partner at Global Founders Capital said: “We believe in Savyour’s mission to deliver savings to online shoppers while driving revenue growth for retailers, making it an essential building block for the ecommerce ecosystem in Pakistan. We are honoured to back the team and help them accelerate further in their commercial rollout across the nation and beyond.”
Faisal Aftab, Co-Founder & Managing Partner of Zayn Capital’s Frontier Fund said: “We are really excited to back the seasoned team at Savyour, which boasts a successful track record of scaling tech businesses. Savyour’s offerings come at a crucial time when online and offline users are seeking deals and cash rewards to meet their monthly budgets, against the backdrop of a global monetary environment where consumers’ purchasing power is increasingly eroded.”