Egypt-based startup Sympl, which describes itself as a ‘save now, pay later’ platform, has raised $6m in seed funding just five months after its soft launch.
The funding round was led by Beco Capital along with A15 and Global Ventures, three of the top-tier Venture Capital firms in the region.
Sympl will use the proceeds to accelerate the growth of its merchant network to serve multiple product and service categories across online and in-store merchants as well as improve the product offering to better serve the platform customers.
Mohamed El-Feky, Yasmine Henna, and Karim Tawfik started Sympl in August this year, seeking to seize an opportunity for Buy Now, Pay Later (BNPL) services in Egypt. Since its launch in October, Sympl is now accepted at more than 240 retail and online stores in Egypt. The plan is to reach 1,000 stores by mid of next year.
With no pre-registration required and payment plans approved at checkout, Sympl allows merchants to sell directly to consumers on short-term, interest-free payment plans. According to Sympl, this promoted customer savings and a better matching of income and expenditure, without any compromising of lifestyle.
Mohamed El-Feky, co-founder and CEO of Sympl, said, “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 ten seconds.”
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