Sympl, an Egyptian buy-now, pay-later service that allows merchants to sell items and services directly to customers on short-term, interest-free payment plans, has acquired an unknown amount of money from local venture capital firm A15 as the company begins operations.
Sympl, which was founded by Yasmine Henna, Mohamed El-Feky, and Karim Tawfik, debuted its checkout platform last month through an exclusive agreement with prominent Apple reseller Tradeline in conjunction with the launching of the new iPhone 13.
Other strategic alliances have been formed with major shops in the electronics and appliances (2B), jewelry (Al-Mawardy Jewelry, Damas, and Jawhara), car parts (Your Parts), hypermarket (Hyperone), and a variety of other categories, including furniture, fashion, travel, and medical services.
Since its inception, Sympl has had a lot of interest from clients who are leveraging Sympl technology on current merchant platforms, as well as a lengthy list of merchants who wish to collaborate with Sympl to improve their consumer checkout experience.
A15, an early-stage venture financing firm focused on creative Internet firms, has recently confirmed its support. In categories including as finance, e-commerce, SaaS, and adtech, it has over 25 portfolio businesses operating in 20 markets. A15 was instrumental in the creation and introduction of the Sympl checkout platform.
“A15 has been a crucial partner in the early stages of our growth. Their support in product development initiatives, tech integrations and connections to their startups’ ecosystem have been important in our early success. We look forward to continuing our partnership with them to drive innovation, provide new solutions for merchants and consumers, and contribute to the transition to a cashless society in Egypt,” said Mohamed Elfeky, chief executive officer (CEO) of Sympl.
A15 general partner Karim Beshara stated that his company is devoted to collaborating with great founding teams in the early phases of their enterprises and working closely with them to unlock value.
“We pride ourselves on the close relationships we maintain with the founders and their teams, supporting them from the beginning as part of the A15 family. We are excited to have backed Sympl from day one and are proud of the early positive signs from their launch. We look forward to continued close collaboration and scaling the business,” he said.
