“It is about the money you save and not always about the money you make!” Harnessing the essence of this phrase as well as their previous experiences in the fintech industry, Mohamed El-Shabrawy El-Feky, Yasmine Henna, and Karim Tawfik, came together to incorporate Sympl in 2021.
The prime goal behind incorporating Sympl was to curb the potential gaps in the fintech industry through the first “Save your Money, Pay Later” solution that targets 28 million underserved debit & credit cardholders in Egypt, offering them a real-time approval to complete their transaction in just 10 seconds along with a hassle-free checkout experience. Sympl allows bank cardholders to pay for their purchases on short-term payment plans ranging from 3 weeks to 5 months, with no interest and no pre-registration process.
Mohamed, Founder & CEO, adds, “Our vision is to promote the concept of saving money to our customers by enabling them to split the cost of their purchases on deferred interest-free payments; thus, empowering them to make mindful purchase decisions and smarter budgeting”.
Sympl offers a buy now pay later service where customers shop in-store or online, relish a seamless checkout, and choose their preferred payment plan on 3, 4, or 5 payments to be paid every week, every two weeks, or every month, with no interest and no pre-registration. This way, Sympl supports merchants to convert their browsers into buyers and empowers customers to move their wish-list to cart.
In a nutshell, Sympl silhouettes as the top ‘Buy Now, Pay Later solution’ for fashion brands in Egypt, after a significant shift from focusing on high-ticket-size items like electronics and white goods. Besides, Sympl has expanded exponentially by partnering with 550+ pioneering brands such as IKEA, Al-Hokair Group, and many others. Additionally, Sympl has partnered with the top shopping mall in Egypt, Cairo Festival City Mall, as well as few bank partnerships with Abu Dhabi Commercial Bank (ADCB), Arab African International Bank (AAIB), and other financial institutions which are still in the pipeline.
Today, the company takes pride in receiving the “Most Innovative New Buy Now Pay Later (BNPL) Platform – Egypt 2022” from The Global Economics Awards, the “Best BNPL Services Provider Egypt 2022” from The International Business Magazine, and many other accolades and awards which signify its excellence in the industry.
Future Plans
For the short run, Sympl is looking to grow its merchant network by partnering with more brands across diverse product & service categories to increase its acceptance as well as grow its customer base. This is in addition to innovating and launching new features that would deliver a better customer experience; thus keeping customers more engaged to the platform.
"Our vision is to promote the concept of saving money to our customers by enabling them to split the cost of their purchases on deferred interest-free payments; thus, empowering them to make mindful purchase decisions and smarter budgeting
