Sympl announces $6 million seed fund raise

Sympl, a buy now, pay later platform based in Egypt, has raised $6 million following its soft launch last month.

This was led by Beco Capital along with A15, and Global Ventures.

Sympl will use the cash to accelerate the growth of its merchant network, covering multiple product and service categories across online and in-store, as well as improve the product offering to better serve platform customers.

Its platform is now accepted at more than 240 retail and online stores in Egypt. The plan is to reach 1,000 stores by mid-2022

Mohamed El-Feky, Co-founder and CEO, Sympl, says: “It’s a moment of pride for all of our 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.”

“The huge market opportunity is evidenced by this capital raise, and the support of Beco Capital, A15, and Global Ventures- who recognise 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 use this capital to fuel our expansion and meet the booming demand for pay later options in Egypt.”

Yousef Hammad, Managing Partner at Beco, comments: “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.”

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