Cairo, Egypt – Sylndr, the pioneering Egyptian startup redefining the used car market, has announced the successful acquisition of a groundbreaking EGP 370 million credit facility. This innovative asset-backed working capital solution marks Egypt’s first of its kind, underscoring Sylndr’s growing influence in the automotive fintech space.
The funding was secured with the support of EFG Holding’s Corp Solutions, Bank NXT, and EGBANK reflecting the local banking sector’s confidence in Sylndr’s vision and operational strength. The milestone follows Sylndr’s previous funding success in 2022, where it raised $12.6 million in a round led by RAED Ventures and Red Ventures.
Founded in 2021 by Omar El Defrawy and Amr Mazen, Sylndr has positioned itself as a transformative force in the used car market, offering a seamless, end-to-end platform that integrates financial solutions to make car ownership more accessible and trustworthy.
Strategic Goals for the Credit Facility
This latest funding will enable Sylndr to:
- Expand Financing Solutions: Making car ownership more affordable and accessible for a broader customer base.
- Scale Operations: Enhance its platform capabilities and operational efficiency.
- Strengthen Market Leadership: Cement its position as a leading player in the used car market across the region.
Banking Sector’s Role in Supporting Innovation
The facility highlights the evolving role of Egypt’s banking sector in supporting the startup ecosystem. EFG Holding’s DCM Team played a pivotal role in structuring and finalizing the facility, while ADSERO – Ragy Soliman & Partners provided expert legal guidance, ensuring a seamless execution of the complex transaction.
A Vision for Transformation
Sylndr’s founders and team expressed their gratitude to their banking partners and advisors, emphasizing the significance of this milestone in advancing the company’s mission.
“This financing facility empowers Sylndr to expand our offerings, enhance scalability, and diversify our capital structure. It’s a critical step forward in revolutionizing Egypt’s used car market by improving customer experiences, broadening inventory diversity, and introducing innovative financial products,” said Omar El Defrawy, CEO of Sylndr.
A Growing Legacy of Success
With this latest achievement, Sylndr continues to trailblaze in the automotive sector, combining innovation, technology, and finance to reshape the future of mobility in Egypt. The company remains steadfast in its mission to provide trusted, transparent, and scalable solutions for used car transactions, paving the way for a more inclusive automotive ecosystem.