Egypt-Based Sylndr Raises US$15.7 Million Series A
Omar El Defrawy, founder and CEO of the used-car marketplace, told Inc. Arabia that the investment will allow it to broaden its footprint and expand its technological capabilities.
Sylndr, an Egypt-based used-car marketplace, has closed a US$15.7 million Series A equity round led by Development Partners International (DPI), a London-based pan-African private equity firm, through Nclude, an Egyptian fintech-focused VC fund.
The round also saw participation from Egypt-based Algebra Ventures, UAE-based Nuwa Capital, and KSA-based Raed Ventures, in addition to investors like Uncovered Fund, Egyptian Gulf Holding, Beltone Venture Capital, and Camel Ventures.
Founded by Omar El Defrawy in Egypt in 2021, Sylndr enables customers to buy and sell cars, while also offering tailored financing options. In an interview with Inc. Arabia about his company's successful funding round, El Defrawy, who's also the CEO of Sylndr, said, “The investment will concentrate on expanding our technological capabilities, adding new inspection centers, mobile units, and last-mile logistics so customers anywhere in the country can buy or sell a car without travelling long distances. [This will allow us to] capitalize on our existing infrastructure to expand the products offered under Sylndr Swift (financing) and Sylndr Plus (light services), and expand the Sylndr team.”
The new funding is thus set to support Sylndr’s mission to digitize and enhance transparency across all aspects of car ownership in Egypt, including buying, selling, financing, and insurance, and accelerate its geographic expansion by extending its platform and services to all major governorates across Egypt. Additionally, Sylndr aims to strengthen its ecosystem by deepening collaborations with local car dealers, financial institutions, and service providers.
This year has already seen Sylndr broaden its portfolio by launching three new strategic verticals, Syldnr Swift, Sylndr Plus, and Al-Ajans. Sylndr Swift offers a fully digital automotive financing solution designed to provide faster and more accessible car financing, while Sylndr Plus serves as a comprehensive vehicle services platform, delivering inspections, maintenance, and ongoing after-sales support to customers. Meanwhile, Al-Ajans is a business growth program aimed at car dealers, helping them digitize their operations, expand inventory, and improve connections with potential buyers.
El Defrawy told us that Sylndr’s traction so far has been strongest in key metropolitan areas in Egypt, underscoring the growing demand for convenient, tech-driven used car services in major cities. “We’ve seen the strongest traction in Greater Cairo, which still accounts for the majority of transactions, followed by Alexandria and the Delta,” El Defrawy pointed out. “Egypt remains our core market; it is the region’s largest used-car ecosystem and still offers ample room for growth. That said, we are monitoring neighboring countries opportunistically for the right timing to expand some of Sylndr’s offerings.”
He noted that through its platform, Sylndr is tackling structural inefficiencies in Egypt’s used car market, including price transparency, trust deficits, the scarcity of high-quality inventory, and limited, slow financing. He explained, “Buyers and sellers lack a transparent reference price. Our automated pricing engine ingests market listings and depreciation curves to publish an instant, fair value for every car.” He also pointed to the trust gap and lack of quality inventory that plague the market as being issues Sylndr tackles. “Informality and one-off deals erode confidence," he said. "We take possession of each vehicle, run a 200-point inspection, refurbish to a standard, and issue a warranty—so, quality is guaranteed.”
Financing, he told us, remains one of the most persistent bottlenecks in Egypt’s used car market, often limiting access and slowing down transactions with traditional loans that may take days to approve and exclude many buyers. That's why the company established Sylndr Swift, the company’s financing vertical, which “embeds credit at checkout, delivers approvals in minutes, and stretches tenor/direct payment options so monthly payments stay affordable.”
Looking ahead, El Defrawy sees several emerging trends reshaping the intersection of mobility and finance in Egypt. “We’re seeing rapid adoption of embedded auto loans at the point of discovery, credit-light underwriting that treats the vehicle as collateral while pulling alternative data that widens credit funnels,” he shared. “Sylndr Swift and Sylndr Plus are designed to weave each of these trends into a single, seamless checkout that provides true affordability to customers.”
As for founders looking to build innovative solutions for the mobility sector, El Defrawy encouraged them to prioritize long-term sustainability over short-term gains. “Aim for a self-sustaining economic model that doesn’t rely on deep discounts,” he advised. “And channel resources into the vision and infrastructure that will evolve into your long-term competitive moat.”
Pictured in the lead image is the Sylndr team. Courtesy of Sylndr.
