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Egyptian Fintech Startup Sympl Raises $6 Million


Sympl founders company pic

Sympl, an Egyptian fintech startup, has brought in $6 million in seed funding following a soft launch that it held in October. Sympl offers what it calls a “save now” and pay later service.

So, Israel Startup Nation is not alone in the Middle East when it comes to innovation in the high tech world. In July, JBN reported on Minly, an Egyptian startup whose tech allows celebrities to record personalized messages for their fans. The company is showing that startups are not just for Israel anymore and that the Arab Gulf States are not the only nations in the Arab world promoting new high tech ventures. Minly secured 3.6 million in seed funding from investors including French Jewish businessman Arieh Mimran.

So, what does Sympl do?

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Founded in 2021 by CEO Mohamed El-Shabrawy El-Feky, CTO Karim Tawfik and Yasmine Mohamed Henna, Sympl boasts that it offers the 1st platform of its kind to empower sellers to sell their products and services directly to bank card holders 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. 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.

“We all joined forces to establish Sympl because we all share the vision that there is a huge opportunity for the buy now, pay later here in Egypt, given its very populous market,” El-Feky told TechCrunch in a phone interview. “It’s a consumer purchase driven market where we have a lot of accessibility to consumer products and services, online or offline.”

“In the course of the launch, we have been fortunate sufficient that Mohammed and I had many companions who labored collectively at valU, a shopper fintech the place each labored earlier than Sympl. Due to our success on the time, they needed to return to us as retailers and accomplice with us at Symp,” said COO Henna.

“They prefer it as a result of they assume the platform is exclusive, as a result of it’s the first in Egypt to supply the Egyptian debit card inhabitants the choice to pay for debit playing cards or later.”



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