Sympl, an Egyptian “buy now, pay later” (BNPL) startup, raised $6 million in seed round to support its nationwide expansion and reach the country’s 49 million bank cardholders.
The US$6 million seed round was led by BECO Capital, with participation from A15 (Disrupt Africa reported separately on that investment in November) and Global Ventures.
Sympl will use the capital to accelerate the growth of its merchant network to serve multiple product and service categories across online and in-store merchants, as well as improve the product offering to better serve the platform customers.
Round: Seed Round
Funding Month: December 2021
Lead Investors: BECO Capital
Additional Investors: A15 and Global Ventures
Company Website: https://sympl.ai/
Software Category: buy now, pay later services
About the Company: Founded in 2021 by Yasmine Henna, Mohamed El-Feky, and Karim Tawfik, Sympl launched its checkout platform in October via an exclusive partnership with leading Apple reseller Tradeline on the release of the new iPhone 13. Sympl is the 1st platform of its kind to empower 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 allows customers 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. Sympl’s platform starts at the checkout and no lengthy onboarding or pre-purchase registration is needed, creating a seamless and simple shopping experience both in-store and online.