Buy-Now, Pay-Later (BNPL) platform valU has announced a collaboration with Egyptian start-up Sympl that will allow its clients to pay for purchases using interest-free payment plans.
Sympl, which was founded in 2021, is offering 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 a range of different product and service categories in Egypt, the companies said in a statement.
Sympl’s buy now, pay later plans are said to target Egypt’s banked segment which stands at nearly 30 million people.
Walid Hassouna, CEO of valU, said the aim of the partnership was to “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.”
Through the fintech platform credit card and debit card holders can pay for purchases via interest-free short-term plans of three-to-five payments on a weekly, bi-weekly, or monthly basis over a period of three months.
It has been a busy period for the fintech firm. Last year, valU invested in the live shopping e-commerce app Hoods, and acquired Paynas, an employee management and benefits company that provides financial services to micro, small, and medium enterprises (MSME).
It also took up a minority stake in Kiwe, the first youth social payment app that facilitates onboarding the unbanked segment in Egypt.
