Sympl, the first ‘Save Your Money Pay Later’ service for customers in Egypt, announces its official launch with financial backing from leading MENA investors A15 and partnerships with well-known merchants and retailers.
Sympl has evolved the customer checkout experience and is the first technology platform empowering merchants to sell products and services directly to customers, on short-term, completely interest-free repayment plans.
The platform provides an alternative, hassle-free checkout – promoting customer saving and a better matching of income and expenditure, without any compromising of lifestyle.
The integration of Sympl’s technology as a checkout option enables retail brands to offer a better customer experience and tap into new, underserved customer segments previously left behind by traditional pay later offerings. Sympl’s technology provides real-time approvals for customers, avoiding a lengthy onboarding process or pre-purchase registration.
Sympl has already secured key partnerships with major retailers from multiple product and service categories, including Egypt’s Apple-authorized reseller Tradeline; mega hypermarkets such as Hyperone; authorized Sony-Playstation reseller XPRS; leading consumer electronics stores 2B; leading jewelry stores Al-Mawardy Jewelry; and leading auto parts online store Your Parts.
Sympl’s co-founders Mohamed El-Feky (CEO), Yasmine Mohmed Henna (CCO) and Karim Tawfik (CTO) are experienced FinTech/technology entrepreneurs from the region, creating solutions for the region. Mohamed and Yasmine previously co-founded one of Egypt’s most successful consumer finance businesses – ValU, whilst Karim co-created Capiter, one of Egypt’s most respected B2B commerce platforms.
The global BNPL market has witnessed retail sales increase by 20%-70%, and average order values up by 15%-25%, according to FinTech Specialist Bank, FT Partners. Sympl will expand its network of merchants seeking pay later options for customers, as well as to benefit from increased sales, purchase propensity and customer loyalty as customers shop, save, and pay later.
Mohamed El-Feky, Sympl’s co-founder and CEO, said:
“We were inspired by the desire to evolve, and improve, the current checkout models for customers. Our platform gives customers more choices at the checkout, promoting customer saving and flexible cashflow management.
“We are delighted to count on key partnerships with major retailers as we launch the Sympl checkout platform and look forward to growing our presence among other local merchants, while simplifying the buying process for customers, especially in underserved segments left behind by traditional pay later offerings. We are also proud of the A15 fund’s support and excited to have them on board as valuable partners – to drive real value for the business, customers and our merchant partners.”
Sympl has secured financial backing from A15 Fund, the leading investor in MENA and the first MENA fund to create a dragon from one of its investments.
Karim Beshara, General Partner of A15, commented:
“We are thrilled to be part of Sympl’s journey from inception, and and greatly look forward to working with such a talented and passionate team to drive customer checkout experiences forward in Egypt. We look forward to supporting them to build a regional leader in the industry. Supported by our unique DNA and value proposition as a tech investor offering more than just funding, we believe that the team’s experience and previous success in finance, technology and entrepreneurial solutions makes them well-positioned to unlock the potential of the retail sector in Egypt and beyond.”
The market opportunity is significant as BNPL models have gained speed, traction, and customer appeal, internationally. According to Allied Market Research, the global BNPL market is valued at $90.7 billion in 2020, and is forecast to reach $3.98 trillion by 2030. In Egypt, official data confirms a potential customer base of 44 million cardholder customers.
