Egypt's initial 'postpone payments, fund savings' service, Sympl, secures $6 million in its seed round of funding
Sympl, the "Save Your Money Pay Later" platform in Egypt, has raised $6 million following its soft launch last month. The funding round was led by Beco Capital, A15, and Global Ventures, three of the top-tier Venture Capital firms in the region.
Since launching in October, Sympl has had strong traction with both merchants and users in the local Egyptian market. The platform provides an alternative, hassle-free purchase process, promoting customer savings and a better matching of income and expenditure.
Sympl is the first deferred payment platform in Egypt to allow merchants to sell directly to consumers on short-term, fully interest-free, payment plans. This innovative approach has given access to deferred payments to millions of underserved customers with previously limited payment options.
The growth and market adoption of Sympl exceeds initial expectations. The platform is now accepted at more than 240 retail and online stores in Egypt, and the plan is to reach 1,000 stores by mid of next year.
Karim Beshara, General Partner at A15, expressed his excitement about the partnership with Sympl. "We believe in Sympl's mission to make purchases more accessible and affordable for everyone," he said. Basil Motfah, General Partner at Global Ventures, also invested in Sympl due to its disruption of the Egyptian payments industry.
Sympl was founded by Mohamed El-Feky, Yasmine Henna, and Karim Tawfik, renowned Egyptian FinTech entrepreneurs. The initial feedback from the market indicates a strong product fit and the right timing for Sympl.
With the $6 million funding, Sympl plans to scale up its innovative Buy Now Pay Later (BNPL) services, expand its customer base, and solidify its market position as the most innovative BNPL platform in Egypt. This growth strategy focuses on enhancing product offerings, improving digital payment infrastructure, and aggressively pursuing market penetration in a rapidly growing fintech sector.
Although specific tactical details of the growth strategy after funding are not explicitly outlined, typical growth paths for BNPL fintechs like Sympl involve expanding merchant partnerships, improving user experience, investing in risk and credit scoring technologies, and marketing to capture larger segments of the underserved credit market.
Sympl's recognition at major fintech awards and its innovative BNPL positioning strongly imply a focus on scaling technology and expanding market reach within Egypt's financial ecosystem. The platform is expected to channel the funds towards scaling operations and increasing outreach to Egyptian consumers wary of spending upfront, promoting financial inclusion through delayed payments.
- The $6 million funding secured by Sympl, following its soft launch, will enable the company to scale up its Buy Now Pay Later (BNPL) services, expand its customer base, and cement its position as the most innovative BNPL platform in Egypt's fintech sector.
- With the funding, Sympl plans to enhance its product offerings, improve digital payment infrastructure, and aggressively penetrate the market by expanding merchant partnerships, improving user experience, investing in risk and credit scoring technologies, and marketing to capture larger segments of the underserved credit market.
