To expand across country, $6 M funding secured by Egyptian BNPL startup Sympl

Sympl, an Egyptian “buy now, pay later” (BNPL) business, has acquired a $6 million seed round to help it expand across the country and reach Egypt’s 49 million bank cardmembers.

Sympl, founded by Yasmine Henna, Mohamed El-Feky, and Karim Tawfik, launched their checkout platform in October with the launching of the new iPhone 13 through an exclusive agreement with prominent Apple reseller Tradeline.

Since then, it has formed relationships with a slew of other major shops in a variety of industries, allowing merchants to sell items and services directly to bank card members on interest-free, short-term payback plans.

BECO Capital led the US $6 million seed round, which also included A15 (which Disrupt Africa covered separately in November) and Global Ventures. Sympl plans to utilise the funds to expand its merchant network to provide a wider range of products and services for both online and in-store merchants, as well as improve its product offering to better serve platform consumers. Sympl is already accepted at over 240 retail and online establishments in Egypt, with hopes to expand to 1,000 by the middle of next year.

“It’s a moment of pride for all of Sympl’s 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,” said Mohamed El-Feky, co-founder and CEO of Sympl.

“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 using this capital to fuel our expansion and meet the booming demand for pay later options in Egypt.”

BECO managing partner Yousef Hammad expressed his excitement to work with the Sympl team to reduce the gap in customer access to pay later choices 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,” he said.