Pakistan-based fintech Savyour raises $3.3m in seed round

Published November 9, 2021
A group photo of Savyour's team. — Picture courtesy: Savyour
A group photo of Savyour's team. — Picture courtesy: Savyour

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.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Wheat price crash
Updated 20 May, 2024

Wheat price crash

What the government has done to Punjab’s smallholder wheat growers by staying out of the market amid crashing prices is deplorable.
Afghan corruption
20 May, 2024

Afghan corruption

AMONGST the reasons that the Afghan Taliban marched into Kabul in August 2021 without any resistance to speak of ...
Volleyball triumph
20 May, 2024

Volleyball triumph

IN the last week, while Pakistan’s cricket team savoured a come-from-behind T20 series victory against Ireland,...
Border clashes
19 May, 2024

Border clashes

THE Pakistan-Afghanistan frontier has witnessed another series of flare-ups, this time in the Kurram tribal district...
Penalising the dutiful
19 May, 2024

Penalising the dutiful

DOES the government feel no remorse in burdening honest citizens with the cost of its own ineptitude? With the ...
Students in Kyrgyzstan
Updated 19 May, 2024

Students in Kyrgyzstan

The govt ought to take a direct approach comprising convincing communication with the students and Kyrgyz authorities.