valU, MENA’s leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform, announced on Monday that it has signed a deal with Sympl, a first-of-its-kind fintech start-up in the Egyptian BNPL space, to allow the former’s customers to pay for purchases using Sympl’s interest-free, three-month payment plans across contracted retail partners and merchants.
The partnership will allow valU customers to benefit from Sympl’s payment plans across different product and service categories. The partnership also complements valU’s platform by bringing back valU’s popular three months tenure, the “Hattrick” product powered by Sympl and benefiting from Sympl’s short-term interest-free plan across a diverse network of partners.
Commenting on the partnership, valU’s Chief Executive Officer 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 targets the banked segment in Egypt, which amounts to approximately 30 million people, allowing them to make purchases and pay for them later without prior registration. The fintech platform allows credit card and — for the first time in Egypt — debit card holders to pay for purchases through interest-free short-term plans of three-to-five payments on a weekly, bi-weekly, or monthly basis over a period of three months.
Sympl’s Co-Founder and Chief Executive Officer, Mohamed El-Feky, also commented: “The partnership between us and valU will unlock short-term, interest-free payment plans for valU’s extensive 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 (BNPL) 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.”