Pakistan-based fintech Savyour, an innovator in emerging the country’s first cashback app and pay-per-sale associate marketing network, succeeded to raise $3.3 million in a seed round co-led by Global Founders Capital and Zayn Capital.
As per the report, the aim of seed funding is to speed up Savyour’s online expansion and promote the in-store feature for the podium. Suya Ventures, Rally Cap Ventures, Fatima Gobi Ventures, +92 Ventures, Mir Aamir, ex-CEO of Quotient Technologies and Pere Hospital, co-founder of Secways participated in the round.
Moreover, a statement issued by the firm said that the fintech startup is modernizing the shopping familiarity in Pakistan on a general level for both consumers and merchants.
Savyour was initiated in August 2020 by Umair Gadit and Saad Gadit
“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 further claimed that the platform’s triple-stacked savings contribution doomed that cashback was applicable on top of any deals, vouchers, and bank discounts that consumers may use 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.”
Co-founder and chief executive officer of Savyour, Umair Gadit, said: “Over 64 percent 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.”
Mr. Gadit further commented, “Digitising this space will open up new opportunities and help level the field, for both consumers and businesses.”