Yummy is a food delivery app in Venezuela, now accepting payments with Reserve.
First they used it to pay their team and drivers, then they decided: why not accept it from their customers directly?
So what is Yummy and why is this big news for Reserve?
What is Yummy?
Vicente Zavarce, previously Director of User Acquisition at Postmates and Getaround in San Francisco, started Yummy in the hopes of bringing a similar delivery app model to his home country — a market most investors and tech companies have been unwilling to touch.
His gamble on Venezuela, one of the last untouched markets for delivery and e-commerce in the region, paid off. Yummy raised $450,000 from investors and now employs 50 people. The platform has more than 250 delivery drivers, and more than 200 merchants have signed up (including fast-food chains Papa John’s and Pizza Hut). In October, just six months after it formally launched, Yummy was acquired by the Central American super-app Hugo.
Yummy has more than 250 delivery drivers and more than 200 signed up merchants
Venezuela’s strict lockdown measures put restaurants even more on the edge and in dire need of delivery. So, Yummy’s launch in April of last year made for perfect timing.
This has amassed to over 10,000 monthly deliveries as its couriers or Yummers move about the streets of Caracas, Valencia, Barquisimeto, and Puerto la Cruz.
Why is this big news for Reserve?
According to IESA, the country’s most important business school, Yummy controls 55% of the Venezuelan delivery market. Think of Yummy as Venezuela’s Uber Eats, Deliveroo or Postmates.
Besides the ~300 employees and delivery drivers already being paid in Reserve, now customers can pay for their deliveries via the Reserve app with a 10% cashback.
When paying for deliveries with Reserve, customers get a 10% cashback on their purchase
Besides resolving the issue of saving the value of your money during hyperinflation, Reserve is being rapidly adopted by businesses to actually spend those Reserve dollars too. Furthermore, using Reserve is being incentivized with a 10% cashback.
Imagine you living in a country where the value of your currency rapidly declines. You have found a solution for the declining of the value of your currency by using a new currency (RSV), and now your favourite delivery app (Uber Eats, Deliveroo or Postmates) accepts that new currency with a cashback of 10%. Would you ever go back to your old currency?