Abu Dhabi Commercial Bank has announced a partnership with Sympl, Egypt’s foremost “Save Your Money Pay Later” platform, to provide buy now and pay later (BNPL) services to the bank’s debit card holders at a 10% discount on their purchases. Debit card users can now split payments on short-term payment plans with no interest and no registration required.
Announcing the partnership with Abu Dhabi Commercial Bank, Mohamed El Feky, Sympl’s Co-founder and chief executive officer said “We are thrilled with this partnership with Abu Dhabi Commercial Bank; we take pride that we are the first buy now pay later FinTech startup partnering with a bank in Egypt. With the deferred payment solution that Sympl offers, the bank debit card holders are empowered to buy now and pay later on short-term 0% interest plans without any pre-registration required.”
This follows the deferred payment solution provider’s signing of a similar partnership agreement with Cairo Festival City Mall (CFCM), Egypt’s leading shopping, dining, and entertainment destination, on August 24, 2022, to offer its customers a Buy-Now-Pay-Later (BNPL) payment solution.
Sympl is a Fintech platform that helps its partner merchants increase sales by selling their products and services directly to eligible bank card holders on short-term, 0% interest plans of three, four, or five months.
Mohamed El-Feky, Yasmine Henna, and Karim Tawfik founded the platform in October 2021, and in December 2021, the startup raised a $6 million seed fund led by Beco Capital, with participation from A15 and Global Ventures.
It currently operates 400 retail and online stores in Egypt, serves over 30,000 customers, and has formed strategic alliances with leading merchants and service providers.
Sympl intends to accelerate its growth by expanding its merchant network across multiple product and service categories, as well as expanding its service offering to large customer segments.