valU and aiBANK partner with Sylndr to provide affordable payment options

By Edlyn Cardoza

valU, MENA’s leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling FinTech platform, and aiBANK, a fast-growing commercial bank in Egypt with a strong corporate banking arm and various branches spread out across the country, announced that they have forged a partnership with Egypt’s home-grown used-cars retailer, Sylndr, unlocking more affordable payment options for those looking to buy high-quality used cars through a process that is transparent, convenient, and reliable.

Sylndr offers a platform for customers seeking to sell and buy used cars through a seamless and hassle-free experience. Using Sylndr’s platform, customers can directly sell their cars in a few hours. They can also buy from an extensive range of high-quality and affordable cars and utilise various financing programs offered through partners on the platform.

“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,” said Omar El Defrawy, Co-Founder and CEO of Sylndr. “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.”

Sylndr’s customers can now leverage valU’s flexible instalment plans with 6-to-60-month tenures to expedite their car purchases. While Sylndr boasts a 90-day comprehensive warranty and a 7-day money-back guarantee as part of its unique proposition. The strategic collaboration will see valU act as an engine for Sylndr’s growth in the Egyptian market, accelerating its expansion plans and extending its reach to an even broader base of customers.

“At valU, it is our longstanding goal to collaborate with businesses that share our desire to bring to market disruptive, seamless and simple solutions that improve people’s lives and help them achieve their desired lifestyles. 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,” said valU’s Head of Product Development, Ahmed Seoudy. “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 has also joined forces with Sylndr to further augment this partnership by offering automotive loans with convenient payment plans and fast-track services that help people purchase used cars. aiBANK offers clients various tenures that go up to 7 years and boasts a simple and swift approval process. As part and parcel of its efforts to support the growth of the e-commerce sector in Egypt, aiBANK also offers Sylndr’s customers a multitude of services, such as free insurance and an extended warranty.

Iman Badr, Senior Director, Consumer and Business Banking at aiBANK, commented on the partnership saying, “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%.”