Save Your Money Pay Later Pioneer Sympl raises $6M SEED

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Sympl, Egypt’s pioneering ‘Save Your Money Pay Later’ platform has successfully raised $6M following its soft launch last month. 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 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. Since launching this October, Sympl has had strong traction with both merchants and users in the local Egyptian market. This fundraise is a testament to the strength of the business model, and the need for a strong pay later merchant checkout platform in the Egyptian market. 

The third quarter of the year proved consistent with the stellar year of FinTech across MENA, Turkey, and Pakistan. Observing a 55% Quarter-on-Quarter growth of funds backing FinTech across MENAPT, the industry observed yet another quarterly record as most recently recorded in Q3 2021. Most remarkably, online payment solutions and financial structuring services have been a hot target for VC investors across MENAPT as observed in FinTech Funding Rounds 2021 YTD. Of which, startups like BPL platforms Tabby (UAE) and Colendi (Turkey) raising major rounds this year. In parallel to setting the payment infrastructures that push forward with cashless and flexible payment processes, FinTechs like BitOasis, Sarwa, and most recently Fintech Galaxy, and Tarabut Gateway have raised rounds this year to explore the worlds of Cryptocurrency, Open Banking, and Digital Investment. 


 



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Since its launch, Sympl is now accepted at more than 240 retail and online stores in Egypt. Sympl now serves product and service categories such as electronics, fashion, appliances, furniture, travel, healthcare, jewelry, education, and others.  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 ”.  

With no pre-registration required and payment plans approved at checkout, Sympl’s payment platform is an evolution of the checkout experience and provides an alternative, hassle-free purchase process – promoting customer savings and a better matching of income and expenditure, without any compromising of lifestyle. In light of their debut investment in the Egyptian FinTech, BECO Capital’s Managing Partner Yousef Hammad 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.”

Sympl has established partnerships with some of Egypt’s leading merchants such as leading Apple reseller, Tradeline, in addition to key retailers in the electronics and appliances sector (2B), authorized Sony-Playstation reseller XPRS, jewelry (Al-Mawardy Jewelry, Damas, and Jawhara), auto parts (Ghataty, Your Parts), hypermarkets (Hyperone) , furniture stores ( Kemitt, Manzzeli ), fashion brands (TFK, 2S, Blush Boutique), Healthcare (Al-Nada Hospital), and several other sectors. This latest investment adds to their consortium of strategic partners enabling their growth, as Global Venture’s General Partner Basil Moftah elaborates “We invest in emerging market founders on a mission to change the world, and the cofounding team is 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.” 

 

The Egypt-based FinTech will utilize its newly acquired funds 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. In light of this scaling investment, Karim Beshara, General Partner at A15 added “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.” CEO/CO-Founder of Mohamed El-Feky concluded  “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.” 


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