The FinTech aims to apply its newly acquired funds to accelerate the growth of its merchant network and expand its product and service categories
Egyptian FinTech Buy Now, Pay Later platform, Sympl, successfully secured $6 million in seed funding only 2 months after its soft launch.
Led by Beco Capital along with A15 and Global Ventures, the new seed funding comes after its founding just 5 months ago. “We look forward to using this capital to fuel our expansion and meet the booming demand for pay later options in Egypt,” co-founder and CEO Mohamed El-Feky, said.
The FinTech aims to apply its newly acquired funds to accelerate the growth of its merchant network and expand its product and service categories across online and in-store merchants as well as improve the product offering, with a target of reaching 1,000 stores by mid-2022, a statement wrote.
Sympl is accepted at more than 240 retail and online stores in Egypt as a payment method, serving product and service categories such as electronics, fashion, appliances, furniture, travel, healthcare, jewelry, education, and others.
“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,” said Mohamed El-Feky, co-founder and CEO of Sympl.
“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,” he further explained.
Founded by 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, Sympl has had strong traction with both merchants and users in the local Egyptian market.
“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,” El-Feky noted.
