Egyptian buy now pay later (BNPL) firm valU said Thursday that it has partnered with fintech firm Sympl to allow the its clients to pay for purchases using interest-free payment plans.
Sympl, the first-of-its-kind fintech start-up in the Egyptian BNPL space, offers three-month payment plans for select valU and Sympl retail partners and merchants.
The partnership will allow valU users to leverage Sympl’s payment plans across different product and service categories. It also brings back valU’s three months tenure, the Hattrick product backed by Sympl, and deploys the latter’s short-term interest-free plan across a diverse network of partners.
Sympl targets Egypt’s banked segment, which stands at nearly 30 million people, to enable them to make purchases and pay for them later without prior registration.
Meanwhile, the fintech platform allows credit card and 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.
“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,” said Walid Hassouna, the CEO of valU.
Hassouna said that valU 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.
“The partnership between us and valU will unlock short-term, interest-free payment plans for valU’s expansive customer base and merchant network, further enabling us to grow our respective businesses,” Mohamed El-Feky, Co-Founder and CEO of Sympl.