Egyptian fintech startup Kiwe raises funds from valU

Egyptian fintech startup Kiwe, a social payment app targeting the unbanked segment, has secured funding from valU, a subsidiary of EFG Hermes Holding that offers a buy now pay later (BNPL) service with a presence in Egypt and Saudi Arabia .

Founded in March 2021 by Fatma Khalifa, Omar Kamel and Mohamed Khalifa, Kiwi is a peer-to-peer money exchange app that allows users to transfer money to each other in real time.

Kiwe’s solutions allow users to easily collect, send and spend money electronically, while providing small businesses and startups with a digital, simple and cost-effective payment platform.

The startup has announced that it has raised funding from valU, a fintech company founded in 2017 that counts EFG Hermes Finance, EFG EV Fintech, dfin Holding and Marakez among its shareholders. It follows one initial investment last yearand Kiwe plans to raise a seed round in the coming months.

“For us at Kiwe, valU’s investment is proof that we are moving forward in the right direction and signals confidence in our brand that offers unique services that are in demand,” said Kamel.

“Having a leading fintech player like valU on board serves as a key step forward in our expansion strategy by allowing us to greatly benefit from their success and giving us access to their vast network of suppliers. With our companies aligned with a common vision set out to provide seamless access to financial solutions and improve financial literacy, we are confident that we will reinforce sustainable social and economic success.”

Habiba Naguib, head of strategy and market expansion at valU, said this “strategic investment” in Kiwe came as a natural step to further strengthen the firm’s financial services portfolio by extending more innovative solutions to MSMEs and young people.

“By serving these segments, we can reach a larger population, ensure that we alleviate financial problems, drive financial inclusion and contribute to greater convenience for millions of customers,” he said.

“With its unique offering and simplified, engaging user experience, Kiwe will greatly benefit from leveraging our vast and ever-growing network of suppliers. Therefore, this is an investment that promises growth for everyone. We believe we can create more innovative financial solutions that open open up many opportunities for us and our users, creating long-term value for the people who rely on our services every day to improve their lives, grow their businesses and positively impact their communities.”