valU to spend USD 25 mn on regional + product expansion: EFG Hermes’ buy-now-pay-later platform valU expects to invest some USD 25 mn to complete its expansion to Saudi Arabia and roll out new products in early 2023, valU CEO Walid Hassouna told Zawya.

REFRESHER- valU signed a sale and purchase agreement to buy a 35% stake in new Saudi consumer finance player Fas Finance earlier this year, which will pave the way for valU to enter the Saudi market. The agreement is currently pending approval from Saudi’s central bank, according to Hassouna.

More acquisitions in the works: The company is in talks to acquire “significant” minority stakes in two unnamed firms, as well as a third company valU is looking to acquire in full, Hassouna said. valU acquired fintech Kiwe in October and digital HR and in August bought payroll platform Paynas.

New product rollouts coming next year: valU plans to roll out a new prepaid credit card that will be valid with vendors not associated with the company, Hassouna said. The card is expected to launch in 1Q 2023. valU will also launch other new services, including salary advances, as well as life and property ins., through partnerships with fintech startups already operating in these spaces, Hassouna said, without providing further details.