Savyour, a Pakistan-based fintech platform, has raised US$3.3 million in a seed round co-led by Global Founders Capital and Zayn Capital.
The round also saw participation from Fatima Gobi Ventures, Disrupt.com, Rally Cap Ventures, +92 Ventures, Suya Ventures, and ex-Quotient Technologies CEO Mir Aamir.
Photo credit: Savyour
Launched in August last year by Umar Gadit and Saad Gadit, Savyour focuses on incentivizing customers through cashback.
Customers can redeem the amount saved in their Savyour wallet directly to their bank accounts or digital wallets. The platform also offers cashback on top of existing deals, vouchers, and bank discounts. Retailers and brands can leverage the platform to grow their business using the pay-per-sale model.
In less than a year, the company said it has processed more than 200,000 orders and onboarded more than 250 partner brands, including prominent names such as Foodpanda, Pizza Hut, and Bata. Savyour has disbursed more than 100 million rupees (about US$587,000) in cashback since its launch.
The company plans to use the seed funding to accelerate the expansion of its online presence and launch an in-store feature on the platform.
“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,” said the company co-founder and CEO Umair Gadit in a statement.
Currency converted from Pakistani rupee to US dollar: US$1 = 171.55 rupees
Editing by Collin Furtado and Arpit Nayak
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