Since its founding in 2021, SYMPL, a Cairo-based fintech startup, has steadily grown its presence in Egypt’s burgeoning “Buy Now, Pay Later” (BNPL) sector. CEO and co-founder Mohamed El-Shabrawy El-Faqih recently announced that the company’s total transaction volume has reached EGP 700 million ($14 million). SYMPL is now setting ambitious targets, aiming to increase this figure to EGP 850 million by the end of 2024 and to an impressive EGP 2 billion by the end of 2025.
These figures reflect the rapid expansion of SYMPL’s platform, which allows merchants to offer short-term, interest-free payment plans to customers holding bank cards. The model, designed to provide greater flexibility and ease for consumers, has resonated well in the Egyptian market, particularly as economic pressures push consumers to seek out more manageable payment options.
Financial Performance and Profitability
El-Faqih highlighted that SYMPL has achieved strong financial results, particularly in the first half of 2024, during which the company posted significant profits. This is a notable achievement in a startup ecosystem where profitability can often take years to realize. The fintech’s profitability, according to El-Faqih, allows it to reinvest earnings into new projects aimed at expanding its footprint across Africa.
“The profits we have generated this year are quite rare for a startup in our sector. This puts us in a strong position to scale our operations and consider entering new markets,” El-Faqih explained. He pointed to the African continent, where markets with high population density and underserved financial sectors present promising opportunities. SYMPL is actively studying the feasibility of applying its business model in several African countries.
Market Share and Expansion
Despite SYMPL’s success, El-Faqih noted the difficulty in determining the company’s exact market share, citing a lack of precise statistics on Egypt’s total deferred payment services market. Nonetheless, the company has experienced substantial growth. SYMPL now operates in more than 2,000 points of sale across Egypt, with over 800 merchants contracted to use its platform. The company’s active customer base has swelled to more than 85,000, out of a total of 240,000 registered users since its inception.
“Our strategy has always been focused on reaching the largest possible segment of the market. The numbers speak to the success of that strategy, but we’re far from done,” El-Faqih stated. SYMPL aims to continue its rapid expansion by onboarding more merchants across various product and service categories. This expansion includes both online and in-store retail, giving consumers the flexibility to make interest-free payments on a wide range of products and services.
SYMPL’s platform, the first of its kind in Egypt, offers short-term payment plans ranging from three to five installments, with options for weekly, biweekly, or monthly payments — all without interest, fees, or complicated procedures. The company aims to enhance customer financial management by providing an alternative to traditional credit products, positioning itself as a key player in Egypt’s evolving fintech landscape.
The BNPL sector has gained global traction in recent years, as consumers seek flexible financing options for both large and small purchases. In Egypt, where credit card penetration remains relatively low, SYMPL’s approach offers a more accessible solution for managing expenses. SYMPL allows customers to make purchases without relying on long-term debt or incurring interest charges, a significant draw for budget-conscious consumers.
Investment and Future Plans
SYMPL’s growth has been supported by a $6 million seed funding round in 2021, led by regional venture capital firms Beco Capital, A15, and Global Ventures. The funds have been instrumental in helping SYMPL expand its merchant network and enhance its product offering. This early investment has proven vital as the company looks to maintain momentum amid intensifying competition in the fintech space.
Looking forward, El-Faqih reiterated SYMPL’s commitment to scaling across Egypt and beyond. “We’re laser-focused on continuing our expansion domestically, but we also see significant potential in African markets that share similar economic and demographic characteristics to Egypt,” he said.
SYMPL’s plans to penetrate African markets reflect a growing trend among fintech companies seeking to capitalize on the continent’s rapidly digitizing economies. Many African nations still face significant gaps in financial inclusion, particularly in rural areas, where access to traditional banking services is limited. SYMPL believes its payment solutions can help bridge that gap, offering both consumers and merchants new ways to transact and grow.