FAS Labs and valU partner to offer digital consumer finance solutions to customers in Saudi

FAS Labs and valU partner to offer digital consumer finance solutions to customers in Saudi

The partnership agreement will result in FAS Finance being 65 per cent owned by FAS Labs and 35 per cent by valU.

Karim Awad, Group CEO of EFG Hermes Holding. — Supplied photo

Published: Tue 7 Jun 2022, 11:07 PM Last updated: Tue 7 Jun 2022, 11:10 PM

FAS Labs, owned by Fawaz Abdulaziz Alhokair Co. (Alhokair), the leading franchise retailer in Saudi Arabia, and Arabian Centres Company (ACC), the leading owner, developer, and operator of lifestyle shopping centers in Saudi Arabia, have entered into a strategic partnership with valU for Consumer Finance S.A.E. (valU) on the June 5, 2022.

The agreement will accelerate the geographical expansion of the Mena region’s leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform, providing digital consumer finance solutions in Saudi Arabia through FAS Finance.

The partnership agreement will result in FAS Finance being 65 per cent owned by FAS Labs and 35 per cent by valU. FAS Labs was recently established to lead the joint digital initiatives of Alhokair and ACC, offering Saudi customers a range of accessible and customizable digital consumer finance solutions, to build and scale a fully integrated shopping platform that engages consumers throughout the entire purchase journey, from pre-purchase to post-purchase.

valU’s existing platform, technological capabilities, and