Egypt: Beco Capital backs pay-later platform
Sympl, the first ‘save-your-money-pay-later’ platform in Egypt, has raised $6 million following its soft launch last month.
The funding round was led by Beco Capital along with A15 and Global Ventures, three of the top-tier venture capital firms in the region.
This fundraise is a testament to the need for a strong pay-later merchant checkout platform in the Egyptian market.
Sympl will use the proceeds to accelerate the growth of its merchant network to serve multiple product and service categories across online and in-store merchants as well as improving the product offering to better serve the platform customers.
Since launch, Sympl is now accepted at more than 240 retail and online stores in Egypt. Sympl now serves product and service categories such as electronics, fashion, appliances, furniture, travel, healthcare, jewelry, education, and others. The plan is to reach 1,000 stores by mid of next year.
Mohamed El-Feky, co-founder and CEO of Sympl said, “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. 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.”
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