Savyour, Pakistan’s only cashback fintech startup, has officially closed its doors, bringing an end to its four-year journey. The startup was launched in 2020 with an innovative approach to online shopping. It introduced a unique cashback model that allowed customers to earn rewards on their purchases.
Savyour partnered with more than 250 well-known brands, including Daraz, foodpanda, and Bata. Through its platform, customers could receive cashback on a wide range of products and services, making online shopping more rewarding. Over the years, Savyour distributed an impressive Rs400 million in cashback to around 4 million users across Pakistan.
However, despite its early success, Savyour faced significant challenges in Pakistan’s rapidly changing eCommerce market. The rise of Buy Now, Pay Later (BNPL) services and increasing competition made it difficult for the company to sustain its cashback-driven business model.
The decision to shut down the startup was actually made a year ago. Since then, Savyour has been working on a structured wind-down process, which has now been completed. The closure of Savyour highlights how tough it can be for cashback platforms to thrive in emerging markets where consumer behaviors and competitive landscapes are constantly evolving.
Though Savyour’s story has come to an end, its journey sheds light on the opportunities and risks of building innovative financial solutions in a challenging market environment.
