RIYADH: Egyptian Buy Now, Pay Later platform Sympl has raised $6 million in seed funding just five months after it was founded and two months after a soft launch.
The funding round was led by Beco Capital along with A15, and Global Ventures, three of the region’s most established venture capital firms, Sympl said in a statement.
Sympl is currently accepted at more than 240 retail and online stores in Egypt. It will use the proceeds of the seed round to accelerate the growth of its merchant network to serve multiple product and service categories across online and in-store merchants, and to develop its product offering.
Sympl aims to reach 1,000 stores by the middle of 2022, it said in the statement.
“We look forward to using this capital to fuel our expansion and meet the booming demand for pay later options in Egypt,” co-founder and CEO Mohamed El-Feky, said.
Sympl’s product is slightly different to existing BNPL offerings, which typically allows the purchase prices to be split into multiple equal payments. The first payment, usually 25 percent of the total purchase, is made at checkout, while the rest are paid in three instalments.