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valU acquires minority stake in Kiwe

By Edlyn Cardoza

October 21, 2022

  • BNPL
  • Cashless Transactions
  • Egypt
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valU, Kiwe, BNPL, Youth Social Payment App, FinTech, MSMEs, Financial Inclusion, Cashless Transactions, Financial Services, MENA, EgyptvalU, MENA’s leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling FinTech platform, announced its acquisition of a minority stake in local FinTech start-up, Kiwe, the first youth social payment app that facilitates onboarding the unbanked segment in Egypt. Currently, EFG Hermes Finance, EFG EV Fintech, dFin Holding, and Marakez are among the firm’s existing shareholders.

Kiwe’s FinTech solutions attract young people as the company capitalises on their daily hassles of payment and social engagement, allowing them to easily collect, send, and spend money electronically. In addition, it offers small businesses and start-ups a digital, simple, and cost-efficient payment platform to alleviate the daily financial struggles faced by young entrepreneurs doing business. Kiwe currently utilises PayTabs Egypt, one of EFG Hermes Holding’s subsidiaries and part of its Non-Bank Financial Institutions (NBFI) platform, as their secure payment processing platform. Kiwe can be utilised at merchant outlets across Cairo.

By combining Kiwe’s service offering with valU’s BNPL plans, valU is delivering on its vision of becoming a holistic financing powerhouse, providing progressive and convenient solutions to every aspect of people’s daily lives. The investment also compliments valU’s recent strategic acquisition of Paynas, a full-fledged employee management and benefits company that provides financial products, such as payroll cards and digital salary advances, to micro, small, and medium enterprises (MSMEs).

“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. Serving these segments allows us to reach a larger population, ensuring that we are alleviating financial hassles, driving financial inclusion, and contributing to greater convenience for millions of customers,” said Habiba Naguib, Head of Strategy and Market Expansion at valU. “With its unique offering and simplified, engaging user experience, Kiwe will greatly benefit from leveraging our vast and ever-growing network of vendors. Hence this is an investment that promises growth for all. We believe we can create more innovative financial solutions that unlock many opportunities for us and our users, creating long-term value for the people who rely on our services every day to improve their lives, grow their businesses, and positively impact their communities.”

The minority stake acquisition in Kiwe builds on valU’s mission to fuel the growth of cashless transactions, which positively impacts financial inclusion in Egypt. It also aligns with valU’s mission to widen its client base of young individuals and small businesses. It will support Kiwe’s expansion by tapping into valU’s vast network of vendors across numerous sectors.

This investment builds on an existing partnership between Kiwe and valU, which has seen them successfully join forces across several significant events, such as Le Marche and Shababco. This partnership facilitated the participation of new exhibitors who had no previous access to payment solutions.

“For us at Kiwe, valU’s investment is proof positive that we’re forging ahead in the right direction and signals confidence in our brand that offers unique services that are in high demand,” said Omar Kamel, Co-founder of Kiwe. “Having a leading fintech player such as valU onboard acts as a pivotal step forward in our expansion strategy by allowing us to benefit greatly from their success and giving us access to their vast network of vendors. With our companies aligned on a common vision set out to give seamless access to financial solutions and enhance financial literacy, we’re positive we will be amplifying sustainable social and economic success.”

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