Cairo: valU, MENA’s leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform, today announced that it has partnered with Sympl, a first-of-its-kind fintech startup in the Egyptian Buy-Now, Pay- Later (BNPL) space which has gained ground in a short time since it was founded last year, to allow value customers to pay for purchases using Sympl’s interest-free three-month payment plans across selected value and Sympl retailer partners and merchants. The partnership will allow value customers to take advantage of Sympl’s payment plans across various product and service categories. The partnership also complements valU’s platform by bringing back valU’s popular three-month tenure, the “Hattrick” product powered by Sympl and taking advantage of Sympl’s short-term interest-free plan across a diverse network of partners.
Commenting on the partnership, valU’s CEO Walid Hassouna said: “This partnership is a key example of how we embody and promote collaboration in the fintech sector at valU. The partnership not only aims to improve ValU and Sympl’s platforms, but also to put an example for others in the market to follow and work towards a common goal of empowering consumers We give people of all income levels in Egypt the tools and access to finance they need to live better lives and drive sustainable change in the communities where we all live and work. We are no strangers to the founders of Sympl and I am delighted to work with such an exceptional team of individuals again to drive the growth of the BNPL market in Egypt.”
Sympl targets the banking segment in Egypt, which is about 30 million people, allowing them to make purchases and pay for them later without prior registration. The fintech platform allows credit card and – for the first time in Egypt – debit card holders to pay for purchases through interest-free short-term plans with three-to-five payments on a weekly, bi-weekly or monthly basis over a period of three months.
Sympl’s co-founder and CEO, Mohamed El Feky, also comments on the partnership, “The collaboration between us and valU will unlock short-term, interest-free payment plans for valU’s expansive customer base and merchant network, further enabling us to grow our respective businesses. Partnership that this underscores Sympl’s commitment to providing merchants with the tools to grow and our customers with the tools to save money better by paying for purchases through our flexible, buy-now, pay-later (BNPL) plans.This helps build a ecosystem of businesses that work together seamlessly to provide customers with end-to-end financial solutions that build better lives and fundamentally maintain a commitment to financial inclusion. It gives me great pleasure to work again with my former colleagues at valU.”
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About valU
A subsidiary of EFG Hermes Holding established in 2017, ValU is the leading Buy-Now, Pay-Later (BNPL) lifestyle enabling fintech platform offering convenient and customizable financing plans of up to 60 months. With more than 5,000 points of sale and over 550 websites, valU offers access to a wide network of retail and e-commerce suppliers across a diverse range of categories including home appliances, electronics, home finishing, furniture, residential solar solutions, healthcare, education , travel and fashion, among others. As the first platform of its kind in the MENA region, valU customers can receive instant credit decisions through their devices and access the platform’s ever-growing partners.
For further information, please contact:
The EFG Hermes Holding PR team
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May El Gammal
Group Chief Marketing & Communications Officer at EFG Hermes Holding
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About Sympl
Sympl is Egypt’s first “save your money, pay later” fintech platform, enabling merchants to sell products and services directly to more than 30 million bank cardholders on short-term, interest-free payment plans. For the first time in the Egyptian market, Sympl enables an interest-free payment later to debit cardholders, who are the most vulnerable cardholder segment.
The platform is a development of the customers’ checkout experience that promotes customers’ savings, flexible cash flow management and a better matching of income and expenses, while maintaining the customers’ lifestyle.
Sympl is now accepted in 1600+ stores across various product and service categories and serves over 30,000 customers. The company is backed by three of the top venture capital funds in the region, namely BECO Capital, A15 and Global Ventures with a seed round of 6 million dollars. Sympl is co-founded by Mohamed El-Feky, Yasmine Mohamed Henna and Karim Tawfik.
For more information, download the Sympl app or visit www.sympl.ai
Note on forward-looking statements
In this press release, EFG Hermes Holding may make forward-looking statements, including, for example, statements about management’s expectations, strategic goals, growth opportunities and business prospects. These forward-looking statements are not historical facts, but instead represent only EFG Hermes Holdings’ belief about future events, many of which are inherently uncertain and beyond management’s control and include, among other things, volatility in the financial markets; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending and future legislation, regulations and regulatory actions. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made.
