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– An online marketplace for buying and selling used cars in Egypt has received $7.45 million in what it says is the country's first asset-backed financing deal. Sylndr was founded in November 2021 with the goal of "developing a trustworthy and open marketplace for the purchase and sale of secondhand automobiles," reports TechCrunch. Omar El Defrawy, CEO and co-founder, says the financing will be used to improve customer satisfaction, expand the company's customer base, and fortify its operations. "This funding supports the company's goal of redefining the customer experience in the used car market," he says. Sylndr plans to use the money to improve customer satisfaction, broaden its customer base, and fortify its operations, according to a press release. The company's plan calls for expanding its financing options in order to maintain its position as the market leader in Egypt's expanding used automobile industry.The used automobile marketplace Sylndr, an Egyptian e-commerce platform, has obtained a working capital loan valued at EGP370 million, or roughly $7.45 million. The facility gives Sylndr more resources to expand its business and improve its products because it is set up as Egypt’s first asset-backed financing arrangement. Omar El Defrawy and Amr Mazen founded Sylndr in November 2021 with the goal of developing a trustworthy and open marketplace for the purchase and sale of secondhand automobiles.
The firm secured its most recent financing package in collaboration with EFG Hermes’ Investment Banking division after raising $12.6 million in a pre-seed funding round in May 2022. The facility introduces an asset-backed structure to support Sylndr’s commercial objectives, marking a key milestone in Egypt’s financial system. The company now has more financial flexibility to pursue expansion, increase operational effectiveness, and incorporate new tactics that support its mission thanks to this creative arrangement.
EFG Hermes claims that this deal establishes a standard for Egyptian entrepreneurs and demonstrates the possibilities of customised finance solutions for start-up companies. The funding was supplied by the Egyptian Gulf Bank, Next Bank, and EFG Financial Solutions. Together, these organisations created a package that supports Sylndr’s expansion goals and serves as a model for other lenders looking to offer creative financing options.
The business intends to use the money to improve customer satisfaction, broaden its customer base, and fortify its operations. The company’s plan calls for expanding its financing options in order to maintain its position as the market leader in Egypt’s expanding used automobile industry. “This funding supports the company’s goal of redefining the customer experience in the used car market,” said Omar El Defrawy, co-founder and CEO of Sylndr. The firm is continuing to transform the way consumers approach purchasing and selling cars by emphasising openness and dependability. This financial milestone positions Sylndr for future expansion and innovation and reflects the company’s goals to dominate Egypt’s used automobile e-commerce market.
