What's Hot

    Tibu Health closes oversubscribed pre-Series A round

    March 27, 2023

    South Africa’s Fin acquires Thuthukani

    March 24, 2023

    Verod-Kepple Africa Ventures’ pan-African venture fund raises USD 43 million

    March 23, 2023
    Gulf Africa ReviewGulf Africa Review
    • Industry
    • Infrastructure
      1. Airport
      2. Hospitality
      3. Ports
      4. Power
      5. Rail
      6. Roads
      7. Transport
      Featured

      Osun seeks to capitalise on infrastructure momentum

      Infrastructure May 21, 2018
      Recent

      KarmSolar receives USD 3 million to develop Farafra Solar Grid

      January 11, 2023

      AD Ports Group reports strong growth

      January 3, 2023

      Hyosung Heavy Industries to start construction on South African energy storage project

      December 12, 2022
    • Business & Trade
      1. Agri-Business
      2. Entrepreneurship
      3. FDI
      4. Legislative
      5. MEA
      6. Telecoms
      7. Properties
      Featured

      Analysts predict bullish future for Nigeria’s REITs market

      Business Business & Trade January 21, 2018
      Recent

      Free trade: Qatar and Morocco conclude second round of talks

      January 31, 2023

      Gold-for-oil: Ghana attempts to address forex pressures

      January 18, 2023

      AD Ports Group reports strong growth

      January 3, 2023
    • Finance
      1. Banking
      2. Islamic finance
      Featured

      South Africa’s Fin acquires Thuthukani

      Banking Business Finance March 24, 2023
      Recent

      South Africa’s Fin acquires Thuthukani

      March 24, 2023

      Fintech dominates African startup funding

      February 15, 2023

      Social investment platform InvestSky raises USD 3.4 million

      January 12, 2023
    • Innovation
    Gulf Africa ReviewGulf Africa Review
    Business

    valU and aiBANK partner with Sylndr to provide payment solutions

    October 28, 20223 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    valU
    Omar El Defrawy, Co-Founder and CEO of Sylndr.
    Share
    Facebook Twitter LinkedIn Pinterest Email

    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.

    Africa aiBank Egypt Sylndr Used cars valU
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleSouth Africa anticipates muted GDP growth of 1.9% in 2022
    Next Article Mozambique and UAE strengthen trade and bilateral relations

    Related Posts

    Business Startups

    Tibu Health closes oversubscribed pre-Series A round

    March 27, 2023
    Banking Business Finance

    South Africa’s Fin acquires Thuthukani

    March 24, 2023
    Business Startups

    Verod-Kepple Africa Ventures’ pan-African venture fund raises USD 43 million

    March 23, 2023
    View 1 Comment

    1 Comment

    1. Pingback: Money Fellows raises USD 31 million in funding

    Leave A Reply Cancel Reply

    LATEST STORIES

    Tibu Health closes oversubscribed pre-Series A round

    March 27, 2023

    South Africa’s Fin acquires Thuthukani

    March 24, 2023

    Verod-Kepple Africa Ventures’ pan-African venture fund raises USD 43 million

    March 23, 2023

    Dream VC launches professional VC talent accelerator programs

    March 22, 2023

    Chari opens new chain of B2B stores

    March 21, 2023
    • Business
      • Agri-Business
      • Entrepreneurship
      • FDI
      • Legislative
      • MEA
      • Properties
      • Telecoms
    • Infrastructure
      • Airport
      • Hospitality
      • Ports
      • Power
      • Rail
      • Roads
      • Transport
    • Finance
      • Banking
      • Islamic finance
    • Commodities
      • Agri commodities
      • Metals & minerals
      • Precious metals
    • Culture & Society
      • Education
      • Energy
    GAR logo
    © GulfAfricaReview.com 2014-2022, All Rights Reserved.

    Gulf Africa Review is a trade news and future networking platform for businesses leaders and trade organisations, established to first inform and secondly assist in facilitating the ongoing business and trade relations between the Gulf Cooperation Council countries and Sub-Saharan Africa. We aim to provide an apolitical voice for this channel of economic activity in a way that benefits both geographies by improving the availability of information about market events, developments and opportunities, while publicising the successes achieved by this ever-broadening regional relationship.

      Subscribe to our newsletter

      Type above and press Enter to search. Press Esc to cancel.