SympliFi is a free, no fees mobile app that rewards you for empowering your community back home. On the SympliFi app you can help friends and family back home access credit to launch or grow a business. You can also top-up airtime for any African mobile number. All along the way, you earn rewards of up to 5%!
The process is fully digital.
We only work with vetted partners and regulated financial institutions across Africa. Financial institutions perform a quick credit check on the borrower prior to disbursement. The borrower is responsible for repaying the lender directly. If the borrower does not repay, the lender will make best efforts to collect from the borrower before they can request the deposit.
The deposit helps provide access to a line of credit or inventory financing for family and friends back home. SympliFi holds the deposit in your wallet and notifies the bank in your beneficiary’s country. When you hold the deposit in your SympliFi wallet, your beneficiary gets instant and continuous access to lower interest rate loans. When the beneficiary repays, you can move your money to any bank account for free or keep it in your wallet to earn more rewards. Your credit score is never impacted, and if your beneficiary defaults, the amount owed to the lending partner is deducted from the deposit on hold.
There are no fees, there are no FX costs whatsoever. As with any loan, the borrower back home will pay interest and standard processing fees to the bank issuing the line of credit.
We have partnered with Rapyd for our technology infrastructure, ensuring all transactions are fully certified to meet PCI, PSD2, and SCA standards as well as global fraud protection.
Your credit score is never impacted for providing a deposit for someone else. SympliFi and the lender have no additional recourse against you beyond the deposit amount you provide, and there is no impact on your credit score. We do not report to any credit bureaus.
A guarantor is someone who helps a borrower secure loans by agreeing to hold a deposit. The deposit is used in the event that the borrower cannot repay the loan. Guarantors are usually friends or family members who know the borrower best. It is the responsibility of the borrower to repay the loan, not the guarantor. If the borrower does not repay the loan it may negatively impact their credit score and their ability to obtain a loan in the future.
Yes you can. As long as you meet the lender's loan and ID requirements.
During the onboarding process, we conduct a Know Your Customer (KYC) check. The check is conducted automatically and per UK regulatory requirements regarding Anti Money Laundering.
We conduct a certification check on all our bank partners before they are allowed to join our platform. All financial services partners must submit a valid business license and a valid lending license issued by the country’s applicable regulatory body.