Pakistan’s only cashback fintech startup, Savyour, has officially announced its closure—marking the end of an ambitious journey that began in August 2020. Despite distributing over Rs400 million in cashback rewards to 4 million customers, the company has decided to cease operations after a strategic review.
📝 What Happened?
Savyour’s co-founders confirmed that the decision to shut down was made 12 months ago. Over the past year, the team worked diligently to ensure a smooth transition for users and partners. In their statement, they shared:
“Today, after a period of internal restructuring and ideation, Savyour announces its decision to close, marking the end of one chapter and the beginning of another phase of strategic growth.”
💡 The Birth of a Unique Cashback Model
Savyour disrupted Pakistan’s e-commerce ecosystem with its innovative cashback and affiliate marketing model. The company:
- Launched an app allowing users to earn cashback on purchases.
- Partnered with over 250 brands, including Daraz, foodpanda, and Bata.
- Processed 200,000+ orders, showing strong initial success.
- Raised $3.3 million in a seed round from investors like Global Founders Capital, Zayn Capital, and Fatima Gobi Ventures.
Unlike traditional discount models, Savyour passed a portion of its commissions from partner brands back to users—an approach that had yet to be explored in Pakistan at scale.
🌐 The Challenges That Led to Closure
Despite early traction, maintaining sustainable growth proved difficult. Some of the major challenges included:
- Limited eCommerce penetration: Unlike mature markets like the US or Japan, cashback models are not yet a deeply embedded consumer habit in Pakistan.
- Economic instability: Rising inflation and economic pressure made it harder for consumers to prioritize online shopping.
- Increased competition: The rise of Buy Now, Pay Later (BNPL) services provided alternative incentives for consumers, shifting focus away from cashback models.
🏆 A Legacy of Innovation
Savyour may be closing its doors, but it leaves behind a legacy of pioneering the cashback model in Pakistan’s evolving fintech space. The startup demonstrated:
- The potential of cashback models in emerging markets.
- The importance of adaptability in fintech and eCommerce.
- The challenges of sustaining long-term consumer demand in a developing economy.
🌟 What’s Next?
While Savyour’s journey has come to an end, its closure raises key questions:
- Will another cashback model emerge with a more sustainable approach?
- Can BNPL and other fintech solutions fill the void left behind?
- How will Pakistan’s eCommerce landscape continue to evolve?
For now, Pakistan bids farewell to Savyour, but the lessons learned from its journey will undoubtedly shape future fintech ventures.
