Sympl, a Cairo FinTech start-up, raised $ 6 million following the smooth launch of its platform last month.
The funding round was led by Dubai-based start-up venture capital fund Beco Capital, with participation from Global Ventures, an international venture capital firm in Dubai, and headquartered venture capital firm A15. is in Cairo.
The funds will be used to improve product offerings and grow the company’s merchant network to “serve multiple categories of products and services among online and in-store merchants,” Sympl said in a statement Thursday.
“It’s a proud moment for the entire Sympl team to see market traction on the platform and to be supported by the strongest VCs in the region in our first phase of launch. “ noted Mohamed El Feky, co-founder and managing director of Sympl.
The first Egyptian service “save your money and pay later”, Sympl is a deferred payment platform that allows merchants to sell products and services directly to bank cardholders on short-term, interest-free repayment plans.
The global payments industry, which recorded its first contraction in 11 years in 2020 amid the Covid-19 pandemic, is expected to resume its long-term growth path, according to the management consulting firm McKinsey & Company Annual Segment Report.
Industry revenues fell 5 percent on the year to $ 1.9 trillion in 2020, but those losses will be recouped this year, bringing revenues back to the 2019 record range.
Sympl, which is now accepted in more than 240 retail and online stores in Egypt, serves product and service categories such as electronics, fashion, home appliances, furniture, travel, healthcare , jewelry and education. It aims to reach 1,000 stores by the middle of next year.
“The enormous market opportunity is highlighted by this capital increase… [and it recognised] Sympl’s ability to scale and disrupt Egypt’s deferred payments industry and the size of the market opportunity, ”said Mr. El-Feky.
“We identified the huge potential of payment options later in Egypt and created an intuitive and enjoyable product to help customers buy by giving them access to easy, flexible and interest-free payment plans… users can enter into a transaction in less than 10 seconds. “
Sympl does not require any pre-registration and payment plans are approved upon final payment. Since October, it has partnered with some of the main Egyptian merchants, such as Apple reseller Tradeline, authorized reseller Sony PlayStation Xprs, and fashion brands such as Tfk, 2S and Blush Boutique.
Separately, Mambu, another start-up, a Netherlands-based banking software provider, said it had raised 235 million euros ($ 265.9 million) in a new round of funding led by EQT Growth, based in London. He brought the company’s valuation to 4.9 billion euros, making it one of the most valued business-to-business software as a service companies in Europe.
Founded in 2011, Mambu has 10 offices in cities such as Abu Dhabi, Dresden, Amsterdam, London and Singapore.
“We want to be able to empower our clients to build any financial product anywhere in the world and create amazing customer experiences,” said Eugene Danilkis, co-founder and CEO of Mambu.
“This latest round of funding will allow us to accelerate our plans to expand our core banking platform to enable more composable business models that are agile and constantly evolving.”
The company’s SaaS banking platform aims to simplify the way financial products are built and deployed by financial institutions. In addition to creating new FinTech products, it helps in the migration of existing financial institutions to modern technology stacks.
Its clients include banks, lenders, FinTechs and financial institutions, with more than 50 million end users who use Mambu technology every day.
The business banking and securities software market is more than 100 billion euros ($ 113 billion) and is growing in double digits annually, according to Gartner.
Update: December 10, 2021 5:00 a.m.