$3.3 million has been raised in the seed round by Pakistan-based fintech Savyour, which is a pioneer in developing the country’s first cashback app and pay-per-sale affiliate marketing network, co-led by Global Founders Capital and Zayn Capital.
Savyour’s online expansion and launching of the in-store feature for the platform, all will be funded and speeded up by the seed funding.
Fatima Gobi Ventures, Rally Cap Ventures, +92 Ventures, Suya Ventures, Mir Aamir, ex-CEO of Quotient Technologies and Pere Hospital, co-founder of Secways all participated.
The fintech was launched by Umair Gadit and Saad Gadit in August 2020. The fintech firm said in a statement that the startup is revolutionizing the shopping experience in Pakistan for both consumers and merchants.
The main purpose of this fintech Savyour is to facilitate and enable the consumers in buying better brands at the best prices and the retailers and e-tailors to flourish their businesses on a pay-per-sale model. In a statement the Savyour said that it drives financial inclusion by incentivizing transactions regardless of the mode of payment.
“Consumers get the opportunity to save as they shop, while also discovering new businesses with the help of the platform’s vast network.
Clarifying about the way the Savyour functioning and how it is different from other similar platforms, they said that the 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.
It further added that the platform’s triple-stacked savings offer means that cashback will be applicable on top of any deals, vouchers and bank discounts that the 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.”
More than 64% of Pakistan’s population is under 30 years of age, who are tech-savvy and more price conscious and inclined towards savings due to prevailing inflation. The Savyour will act as the ultimate shopping companion by providing the best rewards and curation of local brands, stated the co-founder and chief executive officer of Savyour, Umair Gadit.
The CEO further added that a number of challenges are faced by the Pakistan’s commerce sector 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.
“Digitizing this space will open up new opportunities and help level the field, for both consumers and businesses.”
In less than a year the Savyour has partnered with over 250 brands including the market leaders Daraz, Foodpanda, Bata, Baggallery, Elo and Pizza Hut and has processed more than 200,000 orders.
“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.”
“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” said Tito Costa, partner at Global Founders Capital.
Faisal Aftab, co-founder & managing partner of Zayn Capital’s Frontier Fund while backing up the Savyour team said that they are excited to support them and Savyour has a successful track record of scaling tech businesses.