Savyour, a Pakistan-based fintech platform that has developed the country’s first cashback app, has raised US$3.3 million in a seed round
The funding was co-led by Global Founders Capital and Zayn Capital and it also saw participation from Fatima Gobi Ventures, Disrupt.com, Rally Cap Ventures, +92 Ventures, Suya Ventures, and ex-Quotient Technologies CEO Mir Aamir.
The startup, which was launched last year by Umar Gadit and Saad Gadit, focuses on providing incentives to customers through cashback.
Customers can collect 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.
The company said it has processed more than 200,000 orders and roped in more than 250 partner brands in less than a year.
Savyour has disbursed more than Rs100 million in cashback among its customers 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.