Egyptian Fintech Sympl
Buy now, pay later (BNPL) offerings have existed for a long time, but increased in popularity as the pandemic made more people shop online and conserve cash.
Though BNPL has taken off in most parts of the world, it’s yet to pick up steam in Africa. But in countries such as South Africa and Egypt, there is a newfound surge in demand for such services.
In the latest development, Sympl, an Egyptian fintech founded only five months ago, announced today that it has picked up $6 million in seed funding following a soft launch in October.
Beco Capital led the five-month-old startup’s seed round, while A15 and Global Ventures participated.
“We all joined forces to establish Sympl because we all share the vision that there is a huge opportunity for the buy now, pay later here in Egypt, given its very populous market, … It’s a consumer purchase driven market where we have a lot of accessibility to consumer products and services, online or offline.”
Founder and CEO El-Feky.
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But there’s a little twist to Sympl’s offerings which the founders made in a bid to localize its product for the Egyptian market. In the CEO’s words, Sympl operates a save your money, pay later model rather than the normal buy now, pay later model.
With no pre-registration required and payment plans approved at checkout, Sympl allows merchants to sell directly to consumers on short-term, fully interest-free (zero-interest) payment plans.
A typical BNPL model involves a purchase split into multiple equal payments. The first payment, usually 25% of the total purchase, is made at checkout, while the rest are paid in three installments.
Sympl operates a different method the company says will help its customers save better while making purchases.
Egyptian Fintech Sympl
