Sylndr Secures $7.5M Asset-Backed Facility via EFG Hermes
TLDR
- EFG Hermes advises Egypt's online used car marketplace, Sylndr, on a $7.5 million working capital facility.
- Egypt's first asset-backed working capital solution tailored to Sylndr's business model marks innovation in startup financing.
- Collaboration between EFG Hermes, EFG Corp-Solutions, Bank NXT, EG Bank, Adsero, and Sarie-Eldin & Partners supports Sylndr's growth milestone in Egypt's startup ecosystem.
EFG Hermes, part of EFG Holding, has advised Sylndr, Egypt's online used car marketplace, on a $7.5 million working capital facility. The transaction marks Egypt's first asset-backed working capital solution, tailored to Sylndr's business model, reflecting innovation in startup financing.
The facility will enable Sylndr to scale operations, improve efficiency, and expand its offerings in Egypt's used car market. The structured transaction ensures ring-fenced financing to provide security for lenders while supporting Sylndr’s growth.
EFG Hermes collaborated with EFG Corp-Solutions, Bank NXT, and EG Bank as lenders, with Adsero and Sarie-Eldin & Partners offering legal support. Maie Hamdy of EFG Hermes highlighted the transaction as a milestone for Egypt’s startup ecosystem.
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Key Takeaways
With over 6 million cars on Egypt’s roads, the majority of which are passenger cars and second-hand vehicles, the northern African nation has one of Africa’s most extensive vehicle fleets. Like every populous developing country, the large market for used cars, which is dominated by unorganized dealers and classifieds, has attracted startups looking to digitize sourcing and distribution. Cairo-based Sylndr is one of those used-car sale platforms and its facility underscores Egypt's push toward innovative financing for startups. The deal aligns with trends of structured, scalable funding to support SME growth. EFG Hermes leveraged synergies within its ecosystem to deliver this solution, setting a precedent for future asset-backed deals in Egypt’s expanding startup landscape.
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