EFG Hermes’ valU and FAS Labs to expand buy now, pay later model in Saudi Arabia – The National
- Date: 06-Jun-2022
- Source: The National
- Sector:Financial Markets
- Country:Saudi Arabia
EFG Hermes’ valU and FAS Labs to expand buy now, pay later model in Saudi Arabia – The National
Egypt-based FinTech platform valU has signed a deal with FAS Labs, a joint venture owned by Saudi Arabia's major retailer Fawaz Abdulaziz Alhokair and mall operator Arabian Centres Company to expand the buy now, pay later (BNPL) consumer financing model in the kingdom.
Under the partnership, valU, part of EFG Hermes, will acquire a 35 per cent stake in the paid-up capital of FAS Finance, the newly announced consumer microfinancing company owned by FAS Labs, the companies said in a joint statement on Monday.
The share capital of FAS Finance will be maintained at 55 million Saudi riyals ($14.6m).
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