valU and aiBANK partner with Sylndr to provide payment solutions

valU, a leading MENA BNPL fintech, and aiBANK, an Egyptian commercial bank have partnered with Sylndr to provide affordable payment options.

valU, one of MENA’s leading Buy-Now, Pay-Later (BNPL) fintech platforms, and aiBANK, an Egyptian commercial bank, have partnered with used car retailer Sylndr to offer payment options for people seeking to purchase used vehicles through Sylndr’s platform.

Sylndr’s platform offers users a fast, smooth and transparent means of buying and selling used vehicles. Users can also benefit from a range of financing options available through the platform.

valU: Flexible installment plans

As a result of the partnership, valU will now offer Sylndr users access to their installment plans with options ranging from 6 to 60 months. The process is supported by instant approvals and only requires that the customer has an Egyptian national ID. Sylndr offers a 90-day warranty and a 7-day money-back guarantee. It is hoped that valU will act as an accelerator for Sylndr’s growth in the Egyptian market.

valU’s Head of Product Development, Ahmed Seoudy, said, “We firmly believe that this partnership will play a pivotal role in addressing the automotive supply issue in Egypt and it will further facilitate affordability in the face of inflation. Which in return helps elevate the automotive market and makes it more accessible, and inclusive. We are incredibly proud to be part of Sylndr’s growth story and to have them as part of our ever-growing network of partners.”

aiBANK: Automotive loans and payment plans

aiBANK’s partnership with Sylndr will facilitate the availability of automotive loans with convenient payment plans and fast-tracked services. The loans can reach tenures of up of 7 years and the company has put a simple, fast approvals process in place. The bank will also offer Sylndr’s customers a range of services including free insurance and extended warranties.

Iman Badr, Senior Director, Consumer and Business Banking at aiBANK,said, “This collaboration with Sylndr comes at a compelling time given the need for the used cars market, and we are excited to be playing a pivotal role in its advancement alongside valU by offering solutions that better people’s lives and contribute to financial inclusion. The partnership bookends a series of recent successes for us as a bank which have allowed us to become one of the country’s fastest-growing banks in terms of retail loans over the last nine months, growing by 32%.”

Omar El Defrawy, Co-Founder and CEO of Sylndr, said, “Partnering with valU and aiBANK to avail affordable funding solutions for Sylndr’s customers falls in line with our goal to alleviate the burden of hefty automotive investments and make purchases of preowned vehicles significantly more convenient and hassle-free. Through this partnership, we are perfectly positioned to leverage valU’s fast growing customer base and aiBANK’s record turnaround time issuing auto loans to further expand our customer outreach and bolster our market position as the go-to retailer of used cars in the region. We are extremely proud of the strides we have been making, and we firmly believe that by having both valU and aiBANK onboard we are now well positioned to bring about an even larger level of growth to our platform.”

The Egyptian used car market

The local Egyptian used car market is growing rapidly as distributors are coming under pressure due to global supply chain pressures for new cars. The high costs associated with importing used vehicles and the lack of a local automotive industry are also contributing factors.

In May, Sylndr raised USD 12.6 million with support from Algebra Ventures, Global Founders Capital, 1984 Ventures and Nuwa Capital.