Pakistan-based fintech Savyour raises $3.3m in seed round
Pakistan-based fintech Savyour, a pioneer in developing the country’s first cashback app and pay-per-sale affiliate marketing network, has raised $3.3 million in a seed round co-led by Global Founders Capital and Zayn Capital.
The seed funding will be used to accelerate Savyour’s online expansion and launch the in-store feature for the platform.
The round saw participation from Fatima Gobi Ventures, Rally Cap Ventures, +92 Ventures, Suya Ventures, Mir Aamir, ex-CEO of Quotient Technologies and Pere Hospital, co-founder of Secways.
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, said a statement issued by the firm.
Savyour, in a statement, said it drives financial inclusion by incentivising transactions regardless of the mode of payment and its 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 statement added.
It said the platform’s triple-stacked savings offering meant that cashback was applicable on top of any deals, vouchers and bank discounts that users may utilise 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 per cent 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.”
He added that Pakistan’s commerce sector faced a number of challenges including the lack of consumer trust and confidence, along with domination by SMEs that lack both talents and resources to grow, and having no dedicated discovery platform.
“Digitising this space will open up new opportunities and help level the field, for both consumers and businesses.”
Savyour says it processed more than 200,000 orders in less than a year and onboarded over 250 partner brands including leading players such as Daraz, Foodpanda, Bata, Baggallery, Elo, and Pizza Hut.
“Overall, Savyour has seen 52pc month-over-month growth since its launch and disbursed over Rs100 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 e-commerce ecosystem in Pakistan.”
“We are really excited to back the seasoned team at Savyour, which boasts a successful track record of scaling tech businesses,” said Faisal Aftab, co-founder & managing partner of Zayn Capital’s Frontier Fund.