Mena’s buy-now-pay-later lifestyle-enabling fintech platform vaLU has partnered with Sympl, Egypt’s first ‘save your money pay later’ fintech start-up to provide short-term BNPL plans for customers.
This partnership will allow valU customers to pay for purchases using Sympl’s interest-free, three-month payment plans across select valU and Sympl retail partners and merchants.
The deal also complements valU’s platform by bringing back valU’s popular three months tenure, the ‘Hattrick’ product powered by Sympl and benefitting from Sympl’s short-term interest-free plan across a diverse network of partners.
valU’s CEO, Walid Hassouna, said: “This partnership is a key example of how we embody and promote cooperation in the fintech sector at valU.
“The partnership does not only aim to enhance valU and Sympl’s platforms but also to set an example for others in the market to follow suit and work toward a common goal of empowering consumers. We provide people of different income levels in Egypt with the tools and access to finance they need to live better lives and drive sustainable change in the communities in which we all live and work. We are no strangers to the founders of Sympl, and I am excited to be working with such an exceptional team of individuals again to further drive the growth of the BNPL market in Egypt.”
Sympl is Egypt’s first ‘save your money pay later’ fintech platform that empowers merchants to sell products and services directly to more than 30 million bank card holders on short-term, interest-free payment plans. As a bonus, the Sympl-operated interest-free pay-later option equally applies to debit card holders.
Serving more than 30,000 customers, Sympl is available at more than 1600 stores in different product and service categories.
Co-founder and CEO of Sympl, Mohamed El Feky, said: “The partnership 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.
“Partnerships like this underscore Sympl’s commitment to empowering merchants with the tools to grow and our customers with the tools to better save their money by paying for purchases through our flexible, buy-now, pay-later plans. This helps build an ecosystem of businesses that work together seamlessly to provide clients with end-to-end financial solutions that build better lives and fundamentally uphold a commitment to financial inclusion. It brings me great pleasure to be working again with my former colleagues at valU.”
Established in 2017 as a subsidiary of EFG Hermes Holding, valU platform offers customizable financing plans for up to 60 months. From more than 5,000 points of sale and more than 550 websites, valU gives access to numerous retail and e-commerce providers across categories like home appliances, electronics, home finishing, furniture and fashion.
