$3.3M for Pakistani Cashback pioneer Savyour
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Pakistan-based FinTech and developer of the country’s first cashback app and pay-per-sale affiliate marketing network, Savyour has successfully raised $3.3M in its latest funding round. The SEED round was co-led by Global Founders Capital and Zayn Capital. The round also recorded participation by Fatima Gobi Ventures, Disrupt.com, Rally Cap Ventures, +92 Ventures, Suya Ventures, as well as angel investors Mir Aamir, former CEO of Quotient Technologies and Pere Hospital, co-founder of Secways.
Launched in August 2020 by Umair Gadit and Saad Gadit, the fintech startup set forth to revolutionize the shopping experience in Pakistan on a holistic level for both consumers and merchants. Savyour is driving financial inclusion by incentivizing transactions regardless of the mode of payment. The Pakistan-based FinTech aims to empower 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.
More than double the deals in 2021 YTD backing Pakistan-based FinTech startups, drove the industry’s funding growth beyond the 1,800%YoY in a sudden shift recorded in our Q3 2021 EVM FinTech Venture Investment Report. FinTech startups raised 5x the amount of funding in the past 4 years collectively by the third quarter of this year alone, which marks a positive inclination and a newfound investor interest for this Emerging Venture Market. It was local and global investors like UK-based Zayn Capital, i2i Ventures, Fatima Gobi Ventures, US-based HOF Capital, and China-based MSA Capital that drove the impeccable backing of innovative digital infrastructures in the FinTech & E-commerce spaces this year.
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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 platform’s ‘triple-stacked savings’ offering means that 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.
Umair Gadit, Co-Founder and Chief Executive Officer of Savyour highlighted “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. 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; the lack of consumer trust and confidence, being dominated 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,” Gadit added.
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, Baggallery, elo, Naheed.pk, and Pizza Hut. Overall, Savyour has seen 52% month-over-month growth since its launch and disbursed over PKR 100M in cashback to their users.
Savyour’s user base extends across 58 Pakistani cities, and the startup plans to funnel its newly acquired funds into accelerating Savyour’s online expansion and launch of their in-store feature for the platform. Apart from their extensive network and ingenious Tech stack, it is their pioneering position in a fast-growing E-commerce industry that attracted investors’ attention. Tito Costa, Partner at Global Founders Capital elaborated “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.” While Faisal Aftab, Co-Founder & Managing Partner of Zayn Capital’s Frontier Fund concluded “ 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.”
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