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Thursday, 20 October 2022

valU acquires an undisclosed minority stake in payments app Kiwe

EFG Hermes’ BNPL platform, valU, has acquired an undisclosed minority stake in fintech Kiwe, Kiwe CEO Fatma Ibrahim confirmed to Enterprise, following a company press release (pdf). The e-payments startup counts our friends at EFG Hermes Finance, EFG EV Fintech, dFin Holding, and Marakez among its existing shareholders.

What they said: “Through the acquisition Kiwe can offer our users an enhanced service by paying in installments while expanding our service to people who are unbanked or underbanked, and leverage valU’s network beyond Cairo and Giza,” Ibrahim tells us. “ValU will also be able to leverage our younger segment and enhance the overall payment experience,” she added.

About Kiwe: Kiwe's fintech solutions provide small companies and startups (mostly youth-led small businesses) with a cost-effective digital payment platform that makes it simple for them to carry out transactions electronically. The e-payment app closed its first, undisclosed investment round last year.

Another strategic move for valU: valU is continuing its expansion of fintech services, following on its recent acquisition of Paynas, an employee management and benefits company.

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