Sympl – Egypt’s first ever ‘save your money pay later’ platform raises $6 million seed

Sympl – Egypt’s first ever ‘save your money pay later’ platform raises $6 million seed

Sympl, the first ‘Save Your Money Pay Later’ platform in Egypt, announces it 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.

Since launching this October, Sympl has had strong traction with both merchants and users in the local Egyptian market. This fundraise is a testament to the strength of the business model, and 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 improve the product offering to better serve the platform customers.

Since its 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