Egypt-based fintech startup, valU has acquired a minority stake in Kiwe, a fintech startup focused on banking the unbanked in Egypt.
- Founded in 2017, valU is a subsidiary of EFG Hermes Holding that provides a buy now pay later (BNPL) service with a presence in Egypt and Saudi Arabia. While Kiwe is a fintech startup with a focus on young people, allowing them collect, send and spend money through its app.
- Kiwe also provides a digital platform for small businesses and startups to collect payments and make their business process seamless.
- This acquisition will help deepen valU's mission to fuel the growth of cashless transactions and widen its client base of young individuals.
- 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.