Sympl, a fintech startup that is based in Egypt, has secured an undisclosed investment from venture capital firm, A15.
This initial investment by A15 helped bring Sympl to the market and aided the development of the startup’s checkout platform.
Sympl and A15 will collaborate to continuously contribute to Egypt’s ongoing commitment to a cashless society, and drive innovation in the country’s payments sector.
According to Sympl’s CEO, Mohamed El-Feky, the startup is pleased with the partnership “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.”
Speaking on the reason behind the investment in Sympl, Karim Beshara, General Partner, A15, 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. We look forward to continued close collaboration and scaling the business.”
Sympl is a “buy now, pay later” checkout platform that enables merchants sell products and services directly to customers on a short-term basis with repayment plans that are interest-free.
Sympl was founded and successfully launched in October 2021 by Mohamed El-Feky, Yasmine Henna, and Karim Tawfik, with the help of A15.
The launch was facilitated by A15 through an exclusive agreement with Tradeline, a leading Apple reseller, just in time for the debut of the new iPhone 13.
Sympl is also in partnership with major shops in categories such as jewelry (Al-Mawardy Jewelry, Damas, and Jawhara), electronics and appliances (2B), hypermarket (Hyperone), car parts (Your Parts), and a wide range of other categories like medical services, furniture, travel, and fashion.
It has attracted clients who leverage its technology on merchant platforms since its launch, and many merchants have expressed interest in partnering with Sympl to incorporate its technology to improve their consumer checkout experience.
A15 is a major venture capital firm in the Mena region that makes initial investments in companies that are in its portfolio. It works directly with its founders to provide value and crucial support network via various channels.
The venture capital firm also offers businesses operational support like product development and technology integrations, and also helps them plan for future fundraising rounds and exit plans.
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