aiBANK and valU Partner with Egyptian Online Used-Cars Retailer, Sylndr to Offer Customers More Payment Options

aiBANK and valU Partner with Egyptian Online Used-Cars Retailer, Sylndr to Offer Customers More Payment Options

aiBANK, Egypt’s fastest-growing commercial bank with a strong corporate banking arm and multiple branches across the country, and valU, the leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform in the MENA region, have announced a one-of-a-kind partnership with Egypt’s home-grown used-cars retailer, Sylndr, to provide more affordable payment options for those looking to buy high-quality used cars through a seamless, transparent, convenient, and reliable process.

Sylndr provides a platform for customers looking to sell and buy used cars in a simple and hassle-free manner. Customers can use Sylndr’s platform to sell their cars directly in a few hours, buy from an extensive range of high-quality and affordable cars, and take advantage of various financing programs platform partners offer.

Customers of Sylndr can now use valU’s flexible installment plans with terms ranging from 6 to 60 months to fast-track their car purchases. valU provides customers with the most convenient financing experiences, is supported by instant approvals, and only requires customers to provide national IDs. As part of its unique offering, Sylndr offers a 90-day comprehensive warranty and a 7-day money-back guarantee. The strategic partnership will see valU act as an engine for Sylndr’s growth in the Egyptian market, accelerating its expansion plans and extending its reach to a larger customer base.

aiBANK, on the other hand, will broaden this partnership by providing automotive loans with convenient payment plans and fast-track services to assist people in purchasing used cars. aiBANK provides clients with loan terms ranging from one to seven years, as well as a simple and quick approval process. As part of its efforts to support the growth of Egypt’s e-commerce sector, aiBANK provides Sylndr customers with a variety of services, including free insurance and an extended warranty.

What the Stakeholders are saying

“Partnering with valU and aiBANK to avail affordable funding solutions for Sylndr’s customers falls in line with our goal to alleviate the burden of hefty automotive investments and make purchases of pre-owned vehicles significantly more convenient and hassle-free,” said Omar El Defrawy, Co-Founder and CEO of Sylndr. We are perfectly positioned to leverage valU’s rapidly growing customer base and aiBANK’s record turnaround time in issuing auto loans through this partnership to further expand our customer outreach and strengthen our market position as the region’s go-to retailer of used cars. We are remarkably proud of the progress we have made, and we are confident that by bringing on both valU and aiBANK, we are now well positioned to bring about even greater growth to our platform.”

“At valU, it is our longstanding goal to collaborate with businesses that share our desire to bring to market disruptive, seamless, and simple solutions that improve people’s lives and help them achieve their desired lifestyles,” said Ahmed Seoudy, Head of Product Development at valU. We are confident that this collaboration will play a critical role in addressing Egypt’s automotive supply issue, as well as facilitating affordability in the face of inflation.”

While Iman Badr, Senior Director, Consumer, and Business Banking at aiBANK, stated, “This collaboration with Sylndr comes at a compelling time given the need for the used-cars market, and we are excited to be playing a pivotal role in its advancement alongside valU by offering solutions that improve people’s lives and contribute to financial inclusion.” The partnership caps a string of recent successes for us as a bank, allowing us to become one of the country’s fastest-growing banks in terms of retail loans over the last nine months, growing by 32%.”

About Sylndr

Sylndr, which earlier this year raised $12.6 million in a pre-seed funding round led by RAED Ventures with participation from Algebra Ventures, Nuwa Capital, 1984 Ventures, Global Founders Capital, and other investors, has an audacious plan to become the market’s most trusted used-car retailer. Its goal is to become the go-to place for customers looking to sell and buy used cars in the MENA region in a seamless and hassle-free manner.