Sympl, Egypt’s first ‘Save Your Money Pay Later’ platform, has announced that it has secured $6 million in its Seed fundraise following its soft launch last month.
Sympl has gained a lot of traction in the Egyptian market, both among merchants and users, since its launch in October. This funding demonstrates the strength of the business concept as well as the necessity for a solid pay later merchant checkout platform in Egypt.
Sympl plans to utilize the funds to expand its merchant network to serve a wider range of products and services for both online and in-store merchants, as well as improve its product offering to better serve platform consumers.
Beco Capital, along with A15 and Global Ventures, three of the region’s top-tier Venture Capital firms, led the funding round.
Sympl is currently accepted in over 240 retail and online stores in Egypt since its inception. Electronics, fashion, appliances, furniture, travel, healthcare, jewellery, education, and other product and service categories are now served by Sympl. The plan is to reach 1,000 stores by mid of next year.
Mohamed El-Feky, co-founder and CEO of Sympl, said: “It’s a moment of pride for all of Sympl’s team to see the market traction on the Sympl platform and to be supported by the strongest VCs in the region in our early launch stage. Sympl’s checkout experience is tailored to what we know merchants and consumers both need. We identified the massive potential for pay later options in Egypt, and built an intuitive and enjoyable product to help customers shop with access to easy, flexible, and interest-free payment plans without worrying about long processes and embedded costs; Sympl users can conclude a transaction in less than 10 seconds.”
“The huge market opportunity is evidenced by this capital raise, and the support of Beco Capital, A15, and Global Ventures- who recognize Sympl’s ability to scale and disrupt Egypt’s deferred payments industry, and the size of the market opportunity. We’re proud to have three of the leading MENA VC firms as our partners, and look forward to using this capital to fuel our expansion and meet the booming demand for pay later options in Egypt.”
Sympl was founded by renowned Egyptian FinTech entrepreneurs Mohamed El-Feky and Yasmine Henna – who co-created leading consumer finance company, valU – and Karim Tawfik, co-creator of B2B e-commerce platform, Capiter.
Yousef Hammad, the Managing Partner at Beco, commented: “We are excited to partner with the Sympl team on their mission to close the gap in consumer access to pay later options in Egypt. We have been excited about the space for some time, and the team’s deep operational expertise complemented with Sympl’s unique approach makes this partnership a great fit for BECO.”
Karim Beshara, General Partner at A15, commented: “We are thrilled to have world-class investors such as Beco and Global Ventures joining us on the Sympl journey. The Sympl team has done a phenomenal job launching the product, with the growth and market adoption far exceeding our initial expectations. The initial feedback from the market indicates a strong product fit and the right timing, and we look forward to continuing partnering with the team as they expand their services to more users.”
Basil Moftah, General Partner at Global Ventures, commented: “We invest in emerging market founders on a mission to change the world, and the cofounding team are a perfect fit for the Global Ventures family. They are disrupting the Egyptian payments industry and attracting both merchants and customers to use the innovative Sympl checkout platform. This gives access to deferred payments to millions of underserved customers with previously limited payment options, and we look forward to working with Sympl as it rapidly expands in Egypt.”
Sympl is Egypt’s first deferred payment platform, allowing businesses to sell directly to customers on interest-free, short-term payment plans. The platform is a development of the checkout experience, providing an alternative, hassle-free buying procedure – boosting customer savings and a better fit of income and expenditure without compromising lifestyle – with no pre-registration necessary and payment plans accepted at checkout.
