BNPL FinTech valU acquires Paynas to expand in MENA
Buy Now Pay Later (BNPL) FinTech valU has bought an employee management and benefits company Payasand says this will contribute to valU’s mission to bring seamless financial solutions to the wider Middle East and North Africa (MENA) community.
With this acquisition, valU will expand its financial offering and reach Paynas’ base of micro, small and medium-sized enterprises (MSMEs), the company said on Monday (August 22) in a press release.
“Paynas is a strategic fit for us, and the combination of our two companies will create significant value for our shareholders and customers by delivering a 360-degree financial and lifestyle enablement solution, aiming to address all aspects of people’s lives and the goal to improve their overall quality of life,” ValU CEO Walid Hassouna said in the release.
Paynas’ services to MSMEs include a cloud-based platform for managing time and attendance and payroll, payroll cards, health insurance, earned salary payments and salary advances, while valU’s BNPL options cover healthcare, education, white goods, furniture and travel, according to release.
Together, both players will benefit from cross-selling synergies and low costs for customer purchases, according to the press release.
“With both companies driven by having a social and economic impact, we look forward to making more meaningful changes in people’s lives by allowing them to have more access to finance and bringing effective financial solutions to their doorstep,” Paynas CEO Mohamed Mounir said in the release.
The move follows the announcement in July that Amazon Egypt is now offering BNPL plans to eligible buyers through valU.
Read more: Amazon Egypt introduces BNPL offering through ValU FinTech Platform
“With the blooming one [FinTech] sector in Egypt, we will continue to come up with localized, simple, affordable and reliable payment services, incl [BNPL] with valU, to ensure our customers enjoy shopping on Amazon,” Amazon Payment Services CEO Peter George said at the time.
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