Savyour, a Pakistan-based fintech that created the country’s first cashback app and pay-per-sale affiliate marketing network, has acquired US$3.3 million in a seed round headed by Global Founders Capital and Zayn Capital.
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, all participated in the round. This seed money will be utilised to speed Savyour’s online expansion and to introduce the platform’s in-store capability.
Umair Gadit and Saad Gadit’s fintech startup, launched in August 2020, is revolutionising the shopping experience in Pakistan on a holistic level for both consumers and merchants. Savyour also promotes financial inclusion by rewarding transactions regardless of payment method.
Savyour’s mission is to let consumers buy better goods at lower rates while allowing brands, merchants, and e-tailers to build their businesses on a pay-per-sale basis. Customers can save money while shopping while also discovering new businesses thanks to the platform’s extensive network.
The ability to redeem the amount saved in their Savyour wallets directly into their bank accounts or digital wallets, regardless of the mode of payment, distinguishes Savyour’s cashback program from other rewards platforms. Because of the platform’s ‘triple-stacked savings,’ cashback is available in addition to any promotions, vouchers, and bank discounts that users may apply at the time of checkout.
Partner brands only need to pay commissions for each successful transaction made through Savyour, making it a marketing platform driven only by ROI.
“Over 64 percent of Pakistan’s population is under 30, which means you have a new wave of buyers who are demanding, tech-savvy, and seek greater value for their money to battle inflation,” said Umair Gadit, Co-Founder and Chief Executive Officer of Savyour. Savyour serves as the perfect shopping companion for buyers, offering the best rewards and curating local products.
“Pakistan’s commerce sector has a variety of obstacles, including a lack of customer trust and confidence, the dominance of SMEs that lack both skill and resources to grow, and the lack of a specialised discovery platform.” Digitizing this market will create new opportunities and help level the playing field for both customers and enterprises, according to Gadit.
Savyour has completed over 200,000 orders and onboarded over 250 partner businesses in less than a year, including key players such as Daraz, food panda, Bata, Baggallery, elo, Naheed.pk, and Pizza Hut.
Since its inception, Savyour has experienced 52 percent month-over-month growth and has distributed over Rs. 100 million in cashback to its members. Savyour’s user base currently spans 58 Pakistani cities.
“We believe in Savyour’s aim to give savings to online buyers while generating revenue development for retailers, making it a key building component for Pakistan’s e-commerce ecosystem,” said Tito Costa, Partner at Global Founders Capital. We are honoured to support the team and assist them in accelerating their commercial launch across the country and beyond.”
“We are delighted to back the seasoned team at Savyour, which boasts an excellent track record of expanding software enterprises,” said Faisal Aftab, Co-Founder & Managing Partner of Zayn Capital’s Frontier Fund.
Savyour’s offers arrive at a critical juncture in time when both online and offline customers are looking for deals and cash rewards to help them manage their monthly budgets, against the backdrop of a worldwide monetary situation in which consumers’ purchasing power is eroding.”