The top investment bank in the Middle East and North Africa (MENA) region, EFG Hermes, a division of EFG Holding, said today that its investment banking division had finished advising Sylndr, Egypt’s top online used car marketplace, on an EGP 370 million working capital facility. This transaction’s novel structure makes it Egypt’s first asset-backed working capital solution designed especially to meet the particular requirements of Sylndr’s business model. This milestone demonstrates Egypt’s banking industry’s dedication to providing innovative, scalable financial solutions to startups and SMEs.
In addition to strengthening its resolve to transform Egypt’s automotive sector, Sylndr is using this financing facility to support its aggressive growth plan and improve its operational effectiveness and scalability.
Sylndr’s extremely complicated legal and financial structure serves as the foundation for any new lender looking to scale up the structured facility, and the transaction has been meticulously designed to set a new standard for scalable, ring-fenced capital financing.
Maie Hamdy, MD, Debt Capital Markets of Investment Banking at EFG Hermes, commented, “This transaction marks a significant shift not only for Sylndr but for Egypt’s growing startup ecosystem. Through this innovative, ring-fenced financing structure, we’ve provided Sylndr with the financial flexibility to scale confidently while ensuring the highest level of security for lenders. EFG Hermes remains committed to delivering dynamic financial solutions that foster growth and resilience for our clients, contributing to the broader economic transformation we’re witnessing across Egypt. We are excited to support Sylndr’s journey as it sets new standards in the online used-car market. We are proud to have utilized the inherent synergies within EFG Holding’s group of companies, having worked with EFG Corp-Solutions and Bank NXT as lenders on this transaction, utilising the range of services we have to offer to serve our clients effectively.”
This financing option is a perfect fit with Sylndr’s objective to revolutionize the used car industry by creating a reliable and open marketplace for the purchase, sale, and financing of premium used cars. In order to establish itself as Egypt’s top used car destination, Sylndr plans to use this money to enhance customer satisfaction, diversify its inventory, and expand financing options.
Omar El Defrawy, Co-Founder and CEO of Sylndr, said, “This financing facility empowers us to unlock unprecedented growth while reinforcing our commitment to bring trust, transparency, and convenience to Egypt’s used car market. This milestone is a testament to Sylndr’s vision of offering differentiated mobility solutions, reshaping how people access affordable and reliable vehicles in Egypt’s growing market. We are particularly grateful to EFG Corp-Solutions, Bank NXT, and EG Bank for their invaluable support and confidence in our mission. Their dedication, along with the expertise of all parties involved, will enable us to expand our services, reach more communities, and offer more customers access to high-quality vehicles and seamless financing options. We look forward to continuing to transform the way people buy and sell cars in Egypt.”
The only financial advisor involved in the deal was EFG Hermes. Among the lenders were EG Bank, Bank NXT, and EFG Corp-Solutions. For the lenders, Sylndr and Sarie-Eldin & Partners, Adsero offered legal advisory services.
