valU acquires PayNas
EFG Hermes’ consumer finance arm valU has acquired 100% of digital HR and payroll platform Paynas, valU said in a statement (pdf) yesterday, without disclosing the value of the transaction. The acquisition will see valU tap into Paynas's roster of micro and small-business clients, while Paynas will add valU’s buy-now-pay-later (BNPL) products to its offering, the statement read.
About Paynas: The fintech outfit’s cloud-based platform offers MSMEs employee management and payroll services including the Visa Paynas card and salary advances, as well as tools to monitor time management and attendance. The startup, which counts mass transit app Swvl and state-owned mobile and digital advertising firm E3lany among its clients, was a member of the inaugural 2019 class of EFG-EV Fintech, the accelerator run between EFG Hermes and the International Cooperation Ministry’s venture capital arm, Egypt Ventures.
This is valU’s second investment this year: The company entered the Saudi market earlier this year when it acquired a 35% stake in Fas Finance in June. Fas Finance is the consumer finance arm of Fas Labs, a joint venture owned by the Alhokair family which acquired a 4.99% stake in valU in the same month.