Egyptian startup Sympl, a buy now, pay later service that allows merchants to sell products and services directly to customers on short-term and interest-free repayment plans, has raised an undisclosed amount of funding from local VC firm A15 as the startup launches operations in earnest.
Founded by Yasmine Henna, Mohamed El-Feky and Karim Tawfik, Sympl launched its checkout platform last month via an exclusive partnership with leading Apple reseller Tradeline on the release of the new iPhone 13.
Other partnerships have been established with key retailers in the electronics and appliances sector (2B), jewellery (Al-Mawardy Jewelry, Damas, and Jawhara), auto parts (Your Parts), hypermarket (Hyperone) sectors, and covering merchants in an array of other categories such as furniture, fashion, travel and medical services.
Since its 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.
It has now announced backing from A15, an early-stage venture capital firm with a focus on innovative tech startups. It has over 25 portfolio companies operating in 20 markets in verticals like fintech, e-commerce, SaaS and adtech. A15 helped to support the development of the Sympl checkout platform and bring it to launch.
“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,” said Mohamed Elfeky, chief executive officer (CEO) of Sympl.
Karim Beshara, general partner at A15, said his firm was committed to partnering with strong founding teams in the very early stages of their ventures, and working closely with them 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,” he said.