Thursday, 2024 June 13

A15 invests in Egyptian-based ‘buy now, pay later’ platform Sympl

Venture capital firm A15 recently announced an undisclosed investment in early-stage, Egypt-based startup Sympl. Founded in October, Sympl is a “buy now, pay later” provider that allows customers to shop and settle their balance in installments without interest. A15 is the first investor in Sympl.

A15 is a venture capital firm supporting entrepreneurs building tech startups in verticals such as fintech and e-commerce in the MENA region. The VC firm, which has already invested in over 30 startups, supports companies with capital investment and works closely with founders to generate value across different channels.

Thanks to the early investment, Sympl was able to boost the development of its checkout platform to successfully launch the product. Sympl’s “save your money, pay later” checkout platform was introduced in Egypt in October for the release of the new iPhone 13 via an exclusive partnership with Tradeline, a major Apple reseller.

Sympl has also established other partnerships with retailers such as 2B in the electronics and appliances sector, Al-Mawardy Jewelry, Damas and Jawhara in the jewelry sector, and Your Parts in the auto parts category.

A15 and Sympl will continue to drive innovation in Egypt’s payments sector and contribute to Egypt’s ongoing commitment to transitioning to a cashless society, representatives of the two companies said.

“At A15, we are committed to partnering with strong founding teams in the very early stages of their ventures, where we can work closely together 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,” said Karim Beshara, general partner at A15.

“A15 has been a crucial partner in the early stages of our growth. Their support in product development initiatives, tech integration, and the connection to their startup ecosystem has 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, CEO of Sympl.

This article first appeared in MENAbytes.


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