EFG Hermes has announced that its investment banking division had completed an advisory for an EGP 370 million working capital facility for Sylndr, Egypt’s leading online used cars player. The innovative structure of this transaction stands as Egypt’s first asset-backed working capital solution tailored specifically to the unique dynamics of Sylndr’s business model. This milestone highlights the commitment of Egypt’s banking sector to empowering startups and SMEs with creative, scalable financial solutions.
Sylndr is leveraging this financing facility to support its ambitious growth strategy and enhance its operational efficiency and scalability while solidifying its commitment to revolutionising Egypt’s automotive industry. The transaction has been carefully structured to set a new standard for scalable, ring-fenced capital financing specifically tailored for Sylndr’s highly complex legal and financial framework that acts as a base for any new lender to scale up the structured facility.
Maie Hamdy, MD, Debt Capital Markets of Investment Banking at EFG Hermes, commented, “This transaction marks a significant shift not only for Sylndr but for Egypt’s growing startup ecosystem. Through this innovative, ring-fenced financing structure, we’ve provided Sylndr with the financial flexibility to scale confidently while ensuring the highest level of security for lenders. EFG Hermes remains committed to delivering dynamic financial solutions that foster growth and resilience for our clients, contributing to the broader economic transformation we’re witnessing across Egypt. We are excited to support Sylndr’s journey as it sets new standards in the online used-car market. We are proud to have utilized the inherent synergies within EFG Holding’s group of companies, having worked with EFG Corp-Solutions and Bank NXT as lenders on this transaction, utilising the range of services we have to offer to serve our clients effectively.”
This financing facility aligns seamlessly with Sylndr’s mission to transform the used car market by building a trusted and transparent platform for buying, selling, and financing high-quality used vehicles. Sylndr is set to leverage this capital to improve customer experience, increase inventory diversity, and broaden financing options, positioning itself as Egypt’s premier destination for used cars.
Omar El Defrawy, Co-Founder and CEO of Sylndr, said, “This financing facility empowers us to unlock unprecedented growth while reinforcing our commitment to bring trust, transparency, and convenience to Egypt’s used car market. This milestone is a testament to Sylndr’s vision of offering differentiated mobility solutions, reshaping how people access affordable and reliable vehicles in Egypt’s growing market. We are particularly grateful to EFG Corp-Solutions, Bank NXT, and EG Bank for their invaluable support and confidence in our mission. Their dedication, along with the expertise of all parties involved, will enable us to expand our services, reach more communities, and offer more customers access to high-quality vehicles and seamless financing options. We look forward to continuing to transform the way people buy and sell cars in Egypt.”
EFG Hermes served as the sole financial advisor for the transaction. EFG Corp-Solutions, Bank NXT and EG Bank acted as lenders, amongst others. Adsero provided legal advisory services for Sylndr and Sarie-Eldin & Partners for the lenders.
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