Meet FinTech Startup Sympl Which Lets You Save Now And Pay Later
Egyptian Fintech startup Sympl is becoming popular among the masses because of its save now and buy later service.
Sympl enables sellers to sell their services and products directly to bank cardholders on short-term interest-free payment plans.
The startup claims to be unique and first of its kind as it gives customers the opportunity for better management of their expenses. And allows users to save money by paying in 3, 4, or 5 payments on a weekly, bi-weekly, or monthly basis without any hidden fee or interest. It also saves its users from filling lengthy application processes. As Sympl’s platform starts at the checkout and no lengthy onboarding or pre-purchase registration is required thus creating an easy, simple and seamless shopping experience. The best thing about Sympl is that users can have all these facilities while buying in-store or doing online shopping.
Sympl has up to 240 merchants with products in various fields in electronics, fashion, furniture, travel, healthcare, jewelry, and education. The company also plans to reach 1000 stores by the mid of next year. The company has also seen 25% week-on-week growth in relation to the number of transactions made via the platform. The reason the fintech startups are witnessing huge success is because of their diverse facilities like saving customers from the cumbersome process of application and registration also providing them with innovative solutions to save their money. Plus also gives them efficient and easy banking facilities thus promoting their inclusion in the formal economy. Subsequently, supporting the economy of the country. Thus these are the major reasons which have exponentially increased the demand for fintech mobile apps and software. According to stats, the global financial technology market is going to reach a market value of $305 billion by 2024.
The startup also helps the merchants in the expansion of their sales by providing a wider customer base. Furthermore, it claims that it allows any walk-in customer with an eligible bank card to buy now and pay later. It increases the merchant’s purchase frequency by promoting customer loyalty. The startup is quite young and was founded in 2021 by Mohamed El-Feky, Yasmine Henna, and Karim Tawfik. In the latest development, the company because of its innovative model has raised $6 million in seed funding. Sympl aims to utilize the investment to expand its merchant network, do technical upgrades, and hire a workforce.
Story Credits: Tech Crunch