ValU — one among MENA’s main buy-now, pay-later (BNPL) lifestyle-enabling fintech platforms — introduced on Monday that it acquired Paynas — a full-fledged worker administration and advantages firm that gives monetary companies to micro, small, and medium enterprises (MSMEs).
The acquisition was made public in a signing ceremony attended by Minister of Worldwide Cooperation Rania Al-Mashat.
The acquisition builds on ValU’s mission to supply society wider entry to seamless monetary options that facilitate their day-to-day actions and improve their way of life and reinforces Paynas’ mission to be MENA’s main monetary wellness and advantages platform by providing entry and comfort past employment.
Becoming a member of forces with Paynas will act as a gateway for ValU to achieve MSMEs — that are thought-about the spine of the financial system — with the aim to unlock numerous alternatives to each employers and workers.
For her half, Al-Mashat stated: “This pivotal transaction displays the compelling funding alternatives and development prospects introduced by the start-up and fintech sectors in Egypt. It underscores the nation’s efforts in turning into a number one entrepreneurial hub within the area given a set of distinctive benefits, akin to gifted youths, vital financial alternatives, and the continued efforts undertaken by the private and non-private sectors to create a conducive enterprise setting for start-ups that fosters the participation of the non-public sector within the nation’s development.”
Moreover, CEO of ValU Walid Hassouna stated: “Paynas is a strategic match for us, and the mix of our two firms will drive vital worth for our shareholders and clients by delivering a 360° monetary and way of life enabling resolution with the target of addressing each side of individuals’s life and the aim of bettering their general high quality of dwelling.”
ValU will leverage Paynas’s digital and tech prowess to develop into the go-to fintech platform. Being the primary startup in Egypt with an Agent Banking License, Paynas integrates small and medium companies into the monetary system by digitising their wage funds by way of Paynas’s payroll playing cards, that are issued in partnership with Banque Misr and powered by Visa and — in tandem with the Paynas app — permits workers to enhance their monetary planning and wellness and contributes to a cashless financial system.
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