Sympl Unlocks Financial Flexibility With Buy Now, Pay Later Options in Egypt

By : Adoni Conrad Quenum

Date : mardi, 21 novembre 2023 13:05

Deferred payment options that were once a luxury available only in developed nations are gradually being introduced in African countries. This introduction is spearheaded by financial technology startups, through innovative solutions that cater to the continent's unique financial landscape.

Sympl is a checkout platform developed by an Egyptian startup.  It enables users to buy goods online and pay later or save towards the purchase of goods they want. Founded in 2021 by Karim Tawfik, Mohamed El-Shabrawy El-Feky, and Yasmine Mohamed Henna, this Cairo-based startup raised $6 million in funding that same year to, among other things, accelerate its growth. 

Commenting on the successful $6 million fund-raising, Mohamed El-Shabrawy El-Feky said: "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."

The startup has been growing steadily ever since, and the Android version of its mobile app –also available on iOS and Huawei's AppGallery has been downloaded more than 50,000 times, according to Play Store data. To access its services, users need to visit the web platform or mobile app, and purchase from Sympl's partner boutiques.

At checkout, the user chooses a payment plan. They can choose to pay in three, four, or five interest-free installments on a weekly, bi-weekly, or monthly basis, with or without a deposit. They then enter their telephone number and pay the service fee. After this step, the user can finalize the purchase and get the payment schedule in the mobile application.

The startup also has an application for merchants wishing to join Sympl's world, enabling them to open their online store and easily track the progress of their customers' reimbursements. Earlier this month, the fintech was selected to be part of the 2023 cohort of the Visa Africa Fintech Accelerator program.

Adoni Conrad Quenum


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