Sympl, an Egyptian fintech enabling customers to shop and pay later, with no interest, has raised an undisclosed amount of funding from A15, a venture capital firm supporting entrepreneurs in the Mena region.
Founded in 2021 by Mohamed El-Feky (Co-Founder and Chief Executive Officer), Yasmine Henna (Co-Founder and Chief Commercial Officer), and Karim Tawfik (Co-Founder and Chief Technology Officer), Sympl is a startup that allows sellers to sell their products and services directly to bank cardholders on short-term, interest-free payments plans that are the best fit with customer preferences.
Sympl gives customers the opportunity to better manage their expenses and save money by paying in 3, 4 or 5 payments on a weekly, bi-weekly, or monthly basis without interest, hidden fees, or an application process.
Additionally, the fintech startup helps merchants expand their sales across a wider customer base by allowing any walk-in customer with an eligible bank card to pay later without any application process nor documents required.
Mohamed El-Feky, Chief Executive Officer of Sympl, said: “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.”
With the support of A15, Sympl’s “Save your money pay later” checkout platform successfully launched in October via an exclusive partnership with leading Apple reseller, Tradeline – on the release of the new iPhone 13. Since the launch, Sympl has reported a lot of traction from customers using Sympl technology on the platforms of existing merchants, as well as a long pipeline of merchants who want to partner to embed Sympl to enhance their customer checkout experience.
Karim Beshara, General Partner at A15, commented: “At A15, we are committed to partnering with strong founding teams in the very early stages of their ventures, where we can work closely together 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.”
