EGYPT – valU, an Egypt-based Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform, has announced the purchase of a minority share in local fintech company Kiwe, the first social payment app in Egypt that allows onboarding of the unbanked group.

EFG Hermes Finance, EFG EV Fintech, dfin Holding, and Marakez are among the company’s current shareholders.

The acquisition of a minority share in Kiwe expands on valU’s aim to accelerate the growth of cashless transactions, which benefits financial inclusion in Egypt. It also aligns with valU’s objective to expand its customer base of young folks and small enterprises, and it will aid Kiwe’s growth by utilising valU’s broad network of vendors from a variety of industries.

This investment builds on Kiwe and valU’s existing cooperation, which has seen them successfully collaborate on multiple significant events like as Le Marche and Shababco. This collaboration has also made it possible for new exhibitors who did not previously have access to payment methods to participate.

“This strategic investment in Kiwe comes as a natural step to further bolster our portfolio of financial services by extending more innovative solutions to MSMEs and young people,” Habiba Naguib — Head of Strategy and Market Expansion at valU — said.

“Serving these segments allows us to reach a larger population, ensure that we are alleviating financial hassles, drive financial inclusion, and contribute to greater convenience for millions of customers.”

Kiwe’s fintech solutions appeal to young people by capitalising on their everyday payment and social interaction issues by allowing them to effortlessly collect, send, and spend money online.

Furthermore, it provides a modern, easy, and cost-effective payment platform to small businesses and startups, with the purpose of reducing the everyday financial problems experienced by young entrepreneurs doing business.

valU is executing on its aim of becoming a holistic financial powerhouse, providing modern and convenient solutions to every part of people’s everyday life, by merging Kiwe’s service offering with valU’s BNPL plans.

The transaction also complements valU’s recent strategic purchase of Paynas, a full-service personnel management and benefits firm that delivers financial solutions to micro, small, and medium-sized businesses such as payroll cards and digital salary advances (MSMEs).

Kiwe’s first investment this year, although the company expects to raise a seed round in the coming months.

Kiwe, which was founded in Egypt in 2018 by Omar Kamel, Fatma Ibrahim, and Mohamed Khalifa, targets youthful users by allowing them to gather, send, and spend money via its app.

It also provides a digital payment network for small enterprises and startups, with the purpose of reducing the everyday financial problems that young entrepreneurs experience.

valU, created in 2017, is an EFG Hermes Holding company that offers a purchase now pay later (BNPL) service in Egypt and Saudi Arabia.

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