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Egyptian online used-car retailer, Sylndr, raises $12.6m seed funding

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Egyptian online used cars retailer, Sylndr, has successfuly raised the sum of $12.6 million pre-seed funding to further expand its operational and technological infrastructure as well as increase its brand awareness, and team growth.

Co-founder of the startup, Omar El Defrawy, who disclosed this on Thursday, said the online car dealer intended to expand beyond Egypt and become the “most trusted used cars retailer in the region.”

“We aim to become the most trusted used cars retailer in the region. Our customers will be able to sell their cars directly in as little as 24 hours, with free collection and fast payment,” El Defrawy said.

“Sylndr will be the go-to place for customers seeking affordable cars, featuring an extensive range of high-quality used vehicles accessible through a diverse set of financing solutions.

“We are privileged to have earned the trust of such a distinct group of regional and global investors; a testament to the immense potential of the opportunity, and the breadth of our founding team.

“If we do our job right, our impact will be felt by so many Egyptians across different market segments, as we empower them to own their dream cars,” he added.

Founded by El Defrawy and Amr Mazen in November 2021, Sylndr is an automotive-focused e-commerce marketplace, allowing customers to reliably and transparently sell and buy used cars.

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Nigerian fintech startup, CredPal, secures more funding from Cairo Angels syndicate

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A Nigerian fintech startup, CredPal, has raised funding from the Cairo Angels Syndicate Fund (CASF), a micro-venture capital fund, to expand its “buy now, pay later” incentive to customers.

Launched in 2018 by the duo of Fehintolu Olaogun and Olorunfemi Jegede, CredPal has placed itself as one of Nigeria’s most preferred consumer credit platform that gives buyers the freedom to “buy now and pay later” and helps merchants acquire more customers to increase their sales.

According to Disrupt Africa, the Google-backed CredPal has over 85,000 active customers and over 4,000 onboarded merchants, with the company announcing in March it had raised US$15 million in funding to expand its consumer credit offerings in Nigeria and to scale across Africa.

While speaking on the new funding, Olaogun said:

“This support from Cairo Angels Syndicate Fund reinforces our mission to improve the quality of life of Africans through easy access to consumer credit.

“My co-founder and I are very pleased to have them as investment partners and can’t wait for how much we’ll achieve together.”

The Cairo Angels is Egypt’s first formal network of angel investors, and since its formation has been one of the most active early-stage investors in startups and high-growth businesses in the Middle East and Africa, with 31 investee companies across 18 different sectors.

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Nigerian auto tech startup, Autochek, partners with Kenya’s Pezesha to provide asset financing to African SMEs

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Nigerian auto-tech digital solution startup, Autochek, has entered into a partnership with Kenyan fintech, Pezesha, to provide asset financing to Africa Small and Medium Enterprises (SMEs).

According to Autochek Kenyan Country Manager, Bilhah Muriithi, the company aims to build digital solutions that will enhance and enable a seamless and safe automotive commerce experience across Africa, with the hub starting with Nigeria and Ghana.

“Autochek has been focused on financing retail customers, we are excited to partner with Pezesha whose key focus is on enabling SME lending.

“Autochek will continue to invest in the market while exploring new partnership opportunities to deliver solutions for driving positive change in the automotive industry in Kenya and beyond,” said Muriithi.

Autochek, Muriithi said, plans to use technology to transform the automotive buying and selling experience for African consumers, by creating a single marketplace for consumers’ automotive needs, from sourcing and financing to after sales support and warranties.

Having expanded to Kenya late last year, the partnership between Autochek and Pezesha will enable SMEs to acquire auto assets for ease of business operations and growth.

Pezesha was founded in 2016 and has created a holistic digital financial infrastructure that connects small and medium-sized businesses to working capital offered by banks, MFIs, and other financial institutions or networks.

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