News
Fintech Startup ‘Sympl’ Raises Its First Funding Round
Cairo-based startup ‘Sympl’ has raised the first funding round from A15 with a regional focus. This first investment marks the platform launch for the FinTech startup and it is considered an extension of efforts to empower Tech innovations in the region by A15.
Founded last month by Yasmine Henna, Mohamed El-Feky and Karim Tawfik, Sympl is a buy now pay later service, allowing merchants to sell products and services directly to customers on short-term and interest-free repayment plans. With A15’s early investment in the startup, the venture capital firm was able to support the development of the Sympl checkout platform and successfully help to bring it to launch.
The third quarter of the year proved consistent with the stellar year of FinTech across MENA, Turkey, and Pakistan. Observing a 55% Quarter-on-Quarter growth of funds backing FinTech across MENAPT, the industry observed yet another quarterly record as most recently recorded in Q3 2021. Most remarkably, online payment solutions and financial structuring services have been a hot target for VC investors across MENAPT as observed in FinTech Funding Rounds 2021 YTD. Of which, startups like BPL platforms Tabby (UAE) and Colendi (Turkey) raising major rounds this year.
In parallel to setting the payment infrastructures that push forward with cashless and flexible payment processes, FinTechs like BitOasis, Sarwa, and most recently Fintech Galaxy, and Tarabut Gateway have raised rounds this year to explore the worlds of Cryptocurrency, Open Banking, and Digital Investment.
A15 invests in its portfolio companies at an early stage
Working closely with the founders to generate value across different channels. A15’s partnership with Sympl – whose co-founders’ experience includes co-creating leading consumer finance company ValU and B2B commerce platform Capiter – ideally positions both companies.
In light of this first investment, Karim Beshara, General Partner at A15, commented “At A15, we are committed to partnering with strong founding teams in the very early stages of their ventures, where we can work closely together to unlock value. We pride ourselves on the close relationships we maintain with the founders and their teams, supporting them from the beginning as part of the A15 family. We are excited to have backed Sympl from day one and are proud of the early positive signs from their launch. We look forward to continued close collaboration and scaling the business.”
With the support of A15, Sympl’s “Save your money pay later” checkout platform successfully launched in October via an exclusive partnership with leading Apple reseller, Tradeline – on the release of the new iPhone 13. Other partnerships have been established with key retailers in the electronics and appliances sector (2B), jewelry (Al-Mawardy Jewelry, Damas, and Jawhara), auto parts (Your Parts), hypermarket (Hyperone) sectors, and covering merchants in an array of other categories such as furniture, fashion, travel, and medical services.
Mohamed Elfeky, Chief Executive Officer of Sympl concluded “A15 has been a crucial partner in the early stages of our growth. Their support in product development initiatives, tech integrations and connections to their startups’ ecosystem have been important in our early success. We look forward to continuing our partnership with them to drive innovation, provide new solutions for merchants and consumers, and contribute to the transition to a cashless society in Egypt.”
Lendo, a Saudi Arabia-based Shariah-compliant crowdlending marketplace, has signed a Memorandum of Understanding (MOU) today with J.P. Morgan to improve access to financing for small and medium-sized enterprises (SMEs) across the country.
The MOU was signed during 24 Fintech, a premier fintech event that brings together industry leaders, innovators, and investors in Riyadh.
J.P. Morgan and Lendo are working together on potential opportunities to support the SME sector in Saudi Arabia in growing and sustaining the remarkable demand in this market.
“This strategic collaboration with J.P. Morgan, a pioneer in the financial industry, marks a significant milestone for Lendo,” said Osama Alraee, CEO and co-founder of Lendo. “By combining our strengths, we’ll deliver cutting-edge financial solutions to SMEs, supporting their growth and contributing directly to the realization of Saudi Arabia’s Vision 2030.”
The SME financing landscape in MENA presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually.
The total SME financing gap in developing countries is estimated to be approximately $5.2 trillion, according to the International Finance Corporation (IFC).
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, aligning with Saudi Vision 2030’s goal to significantly expand SME lending from 4% in 2018 to 20% by 2030.
According to the latest available report from the Saudi Central Bank (SAMA), the total value of debt crowdfunding in Saudi Arabia surged from SAR 1.4 million in 2019 to SAR 771 million in 2022, marking a remarkable growth.
Lendo raised SAR 132 million ($35.2 million) in total funding from leading investors, including the most recent Series B led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (PIF).
Since its inception in December 2019, Saudi fintech Lendo has processed over 5,000 financing transactions on its platform, providing over SAR 2 billion ($600 million) in financing to SMEs and generating SAR 280 million ($74 million) in returns for investors.
TA Telecom, a prominent player in the Middle East’s tech sector, has unveiled AnteThink, an AI-driven tool designed to enhance decision-making processes for individuals and businesses alike.
With a history of influencing the tech landscape through various initiatives, including advanced mobile solutions, high-volume payment platforms, and ventures in e-commerce, fintech, and analytics, TA Telecom has carved a niche for itself. Serving a vast user base of 40 million and processing an impressive 15 billion transactions across its platforms, TA Telecom has cemented its position as a tech industry leader, with some of its ventures achieving the status of Y Combinator companies.
Established in 2000, TA Telecom has emerged as a prominent player in the technology sector. With over 40 million users and processing 15 billion transactions annually, TA Telecom has made a notable impact. Recognized for its contributions by the Financial Times and featured on Deloitte’s list of fastest-growing tech companies in EMEA, TA Telecom is known for its adaptability and forward-thinking approach in the ever-evolving global tech landscape.
Sameh Ibrahim, CEO of TA Telecom, highlights the potential of AnteThink: “AnteThink reflects our commitment to leverage technology for practical impact. It aims to provide clarity and confidence in decision-making, whether in the professional or personal sphere. AnteThink is a tool that can empower startup founders, executives, and individuals to make more informed choices, alleviating the stress and uncertainty often associated with critical decision-making.”
Mostafa Ashour, CEO of Y Combinator-backed startup NowPay, shared his perspective on AnteThink: “AnteThink transformed our strategic planning, allowing us to explore various scenarios and prepare for different outcomes. It has strengthened our decision-making process, helping us navigate the complexities of the business landscape.”
AnteThink embodies TA Telecom’s commitment to innovation, focusing on supporting the startup ecosystem. The tool is tailored to help leaders and executives navigate the complexities of business management and strategic development by providing a clear picture of potential outcomes.
Key Features of AnteThink include:
1. Second Order Mode: Offering a comprehensive analysis of broader impacts, fostering a strategic mindset for long-term success.
2. Optionality Mode: Enabling detailed evaluation and comparison of different choices to ensure decisions align with strategic objectives and values.
3. Inversion Mode: Focusing on identifying and mitigating potential risks, thereby strengthening risk management strategies.
Credit: Antethink
AnteThink’s advanced AI technology aims to assist decision-makers with insightful analytics, offering guidance through the decision-making process.
Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.
Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.
In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.
The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.
Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.
As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.
The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.
-
Startups9 years ago3 Creative Egyptian Women Who Master E-commerce
-
News9 years ago11 Talented Egyptian Photographers on Instagram
-
Campaigns8 years agoVodafone Egypt Brings Generations Together, Unlocks 4G Power
-
Marketing8 years agoWhich categories will suffer most from increased prices in Egypt?
-
Apps8 years agoRadio Garden Live Map of The Globe’s Radio Stations
-
News8 years agoTop 10 Egyptian Fashionistas to Follow on Instagram
-
Campaigns8 years ago7 Big Stats That Show Which Ramadan Advertisements Resonated Most
-
Opinion8 years agoF*** Being a Founder, Be a Follower