Sympl is an Egyptian fintech that operates a localized 'save your money, pay later' BNPL model allowing customers to keep funds while receiving purchases on zero-interest installment plans. The company was founded in August and conducted a soft launch in October; it charges an upfront fixed fee of 100 Egyptian pounds, acknowledges funds in customers' bank accounts, and offers the remainder in three- to five-installment, zero-interest plans. Plans and payment frequencies are tailored to segments including gig workers, freelancers, the self-employed and regular employees, with monthly, bi-weekly or weekly options. Sympl has onboarded up to 240 merchants across electronics, fashion, appliances, furniture, travel, healthcare, jewellery and education and reports transaction volume growing 25% week-on-week. It plans to reach 1,000 stores by mid next year and expand from its current presence in two governorates to cover all 27 governorates in Egypt. The company targets over 50 million debit and credit cardholders and will use the new funding to expand its merchant network, build technical upgrades, hire talent and broaden its national footprint.

Total raised

$6M

Funding rounds

1

Latest round

Seed

Latest activity

Dec 2021