valU, a subsidiary of EFG Hermes Holding (EGX:HRHO), has fully acquired Paynas, a digital platform that provides financial services to micro, small, and medium enterprises (MSME), according to a press release on August 22nd.
The takeover bolsters valU’s position as a provider of seamless financial solutions, as well as helps in pushing Paynas forward to become the leading financial wellness and benefits platform in the Middle East and North Africa (MENA).
The transaction comes in line with valU’s strategy to expand its business, enabling the company to reach a larger base of MSME through Paynas.
The deal was announced in a signing ceremony with the presence of Minister of International Cooperation Rania Al-Mashat.
Established in 2017, valU is the first-of-its-kind buy-now-pay-later (BNPL) fintech platform in the Middle East and North Africa (MENA) region.
EFG Hermes is a leading financial services company in Egypt listed on the Egyptian Exchange (EGX), with a presence in 13 countries, including the UAE, Saudi Arabia, Kuwait, Jordan, Oman, and Pakistan.
