KARACHI: A Pakistan-based fintech Savyour, which developed the country’s first cashback app and pay-per-sale affiliate marketing network, has raised $3.3 million in a seed round, its management announced on Tuesday.
Launched in August 2020 by Umair Gadit and Saad Gadit, the company is revolutionizing shopping experience in Pakistan for both consumers and merchants.
Savyour also drives financial inclusion by incentivizing transactions regardless of the mode of payment.
“This seed funding will be used to accelerate Savyour’s online expansion and launch the in-store feature for the platform,” said a statement issued by the firm.
The company's purpose is to enable consumers to buy better brands at nominal rates 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.
The cashback app users are able to redeem the amount saved in their Savyour wallets directly into their bank accounts or digital wallets, making it unique when compared with similar platforms.
The platform’s “triple-stacked savings” feature means the 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.
“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,” Umair Gadit, the company’s chief executive officer, said.
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 such as the lack of consumer trust and confidence, being dominated by SMEs [small and medium enterprises] that lack both talents and resources to grow, and having no dedicated discovery platform,” he said, adding: “Digitizing this space will open up new opportunities and help level the field, for both consumers and businesses.”
An official at the Global Founders Capital, which co-led the seed round with Zayn Capital Frontier Fund, said the investors believed 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 honored to back the team and help them accelerate further in their commercial rollout across the nation and beyond,” Tito Costa, partner at Global Founders Capital, said.
Zayn Capital Frontier Fund also noted the fintech was offering a vital service to consumers and 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,” Faisal Aftab, the investment company’s co-founder and managing partner, said.
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 and Pizza Hut.
Overall, Savyour has seen 52 percent month-over-month growth since its launch and disbursed over Rs100 million in cashback to users.
Currently, the fintech company’s user base extends across 58 Pakistani cities.