Lifestyle enabling, Buy-Now, Pay-Later fintech platform, valU has acquired employee management and benefits company, Paynas. valU will broaden its financial offering and access Paynas‘ base of micro, small, and medium firms (MSME) as a result of this collaboration.
valU will be able to deliver access to seamless financial solutions that simplifies and enhances day-to-day life. By providing accessibility and ease outside of the realm of work, it supports Paynas’s objective to serve as the financial wellness and benefits platform for MENA. The partnership enables valU to reach out to MSMEs and deliver their employers and employees with a wide range of opportunities.
“Paynas is a strategic fit for us, and the combination of our two companies will drive significant value for our shareholders and customers by delivering a 360° financial and lifestyle enabling solution, with the objective of addressing every aspect of people’s life and the goal of improving their overall quality of living. That, and the addition of exceptional talent to our team, firmly positions us as a leading fintech platform in the region. Since inception, our most important asset has been our people, and we targeted a company that puts people at the heart of everything they do. We are very excited and look forward to seeing new, big ideas come to life under the valU brand that can drive tech products and bring new conveniences to our customers while efficiently rolling out cross-border initiatives in the region,” stated Walid Hassouna, CEO of valU.
With this new ecosystem in place, valU will be able to maximize profits through cross-selling synergies and minimal client acquisition costs for all parties. This ecosystem consists of strong B2B relationships, several acquisition methods, and a multi-product platform. The collaboration offers up several opportunities for valU’s BNPL solutions by utilizing Paynas’s MSME clientele and workforce, integrating them into valU’s clientele, and enhancing Paynas’s offering with a wide variety of financing products. Digitization of datasets enables valU to deliver more cost-effective BNPL products and services to Paynas’s users by enhancing loan disbursements and credit rating algorithms.
Paynas has built a leading brand and has been playing a pivotal role in fostering the financial inclusion of micro, small, and medium businesses and the unbanked in Egypt. With both companies driven to have a social and economic impact, we’re looking forward to making more meaningful changes in people’s lives by allowing them to have more access to finance and bringing effective financial solutions to their doorstep. This acquisition is proof positive of the success we’ve achieved thus far, success we can in large part attribute to the support of our investors who believed in our vision,” said Mohamed Mounir, CEO of Paynas.
