Saveaway Names Shamir Karkal to Join Circle of Investors and Advisors
- Payments , IT Innovations
- 28.02.2022 04:50 pm
Karkal Among Key Industry Names to Become Part of Growing Financial Wellness Platform
SaveAway®, a fintech company that offers consumers an innovative “Save Now, Pay Later'' purchasing option, announced that Shamir Karkal (co-founder of Simple and Sila) has joined the company’s advisory board and will contribute as an investor. Premal Shah, (co-founder of Kiva and Renewables.org) will also be joining Karkal as a board member.
At the intersection of banking, payments, and technology; Shamir Karkal co-founded Simple in 2009, later bought by BBVA for $117 million. He has served as CEO of Sila since 2018 and has focused on SaveAway’s fast-track potential, becoming a fan while evaluating its progress for several quarters.
“My investment in SaveAway follows from my first-hand observation of this organization's leadership personifying the creed. That mantra, combined with a sustained effort by saving for what matters; ensures no goal is out of reach,” said Shamir Karkal. “Harnessing a strong social foundation with technologies that enable mobility, makes me proud to be an investor. I see SaveAway being that ‘right place at the right time’ venture, to make the change that we seek in the world.”
Karkal and Shah now join current board members Jaime Punishill, CMO of Lionbridge and Marvin Johnson, CEO of Dashible, alongside SaveAway founder and CEO Om Kundu.
“I cannot think of a better honor for SaveAway than having industry pioneers Shamir and Premal Shah become part of our movement. Through Kiva, Premal has exemplified what it means to expand financial access to the masses and has personally inspired me to develop SaveAway as more than just a money saving platform. With his and Shamir’s guidance, we will continue to move the needle forward for the growing numbers of users and partners in the SaveAway community."
Powered by the first-of-its-kind, patented technology, SaveAway participants can fulfill dream purchases by “saving-up,” rather than resorting to credit and getting into debt. This financial wellness platform enables people to "Save Now, Pay Later,” while combined with social commerce elements that lets friends and family donate to their savings plans. Brand and technology partners in e-commerce/retail (including eBay, Microsoft, and Stripe) are equally realizing the growing momentum of SaveAway as an entirely new channel to unlock access to untapped markets.
“SaveAway’s leadership is remarkably inventive. Many companies talk about financial wellness, but then have a revenue model that runs counter to that goal. The SaveAway team has a singular focus: build a social platform for change that will make the relationship between people and their money healthier,” said Jaime Punishill, CMO of Lionbridge and an initial investor in SaveAway. “It’s no surprise then that social finance innovators like Shamir and Premal have committed to this vision. SaveAway’s time has come, and I am more convinced of the company’s importance and success than ever.”
SaveAway has conceptualized a remarkably effective technology-stack that brings power to the people and a behavioral design to further financial wellness – all before such terms had even entered the public’s lexicon. Key personnel additions, a subsequent round of future investments lined up, and a like-minded culture created by its sustainable business model projects SaveAway as a future power brand in both the fintech and e-commerce spaces. Tens of thousands of people signed up for the wait list, and a readership of 100,000 for SaveAway’s creative, avant-garde periodical newsletter.
SaveAway will be presenting in roadshows that kick off shortly at SXSW. For early access, see Inspirave.com/early