Following the strong growth in its home market of Egypt, valU, the fintech subsidiary of EFG Hermes, intends to expand next year in Saudi Arabia and North Africa, its CEO Walid Hassouna confirmed.
Established in 2017, valU is the leading Buy-Now Pay-Later (BNPL) fintech platform offering convenient and customizable financing plans up to 60 months and access to a wide network of retail and e-commerce providers.
As the first platform of its kind in the MENA region, valU has more than 5,000 points of sale and over 200 websites, offering a diverse array of products and services categories including home appliances, healthcare, travel, electronics, and residential solar solutions, among others
Its customers are able to use their devices to receive instant credit decisions.
The company is also analyzing possible acquisitions in Egypt next year, including companies that do not operate in the same field, but serve the same customers, and works on a new, 500 million Egyptian pounds-worth tranche of bonds to be issued in the first half of 2022 as part of a 2 billion Egyptian pounds program through 2023.
After doubling revenues to 2 billion Egyptian pounds this year, valU expects to double them to 4 billion Egyptian pounds in 2022.
In the meantime, valU has partnered up with the leading Mixed-used developer in Egypt, Marakez, to offer exclusive payment plans to shoppers in the Mall of Tanta, El Gharbeya governorate’s first internationally-modeled mall serving the Delta region and beyond.
This partnership has further cemented valU’s presence in the Tanta governorate and to increase its consumer base in Egypt.
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