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Egypt Consumer Finance Pioneer Launches Deferred-Payment Startup

General Economy And Political Posters Ahead Of Egypt Election
Photographer: Sima Diab/Bloomberg

The co-founder of a pioneering Egyptian buy-now, pay-later firm is targeting a market of more than 40 million bankcard holders with a new startup that offers on-the-spot approvals for deferred payments.

Sympl, whose chief executive officer co-created EFG Hermes’ Egyptian consumer finance app valU, seeks to cut the pre-registration, vetting and underwriting that similar services need, letting its approved merchants sell directly to customers at checkout via short-term, interest-free repayment plans.