Egypt: valU acquires stake in social payment start-up Kiwe

Egypt: valU acquires stake in social payment start-up Kiwe

Egypt - valU announced on Wednesday its acquisition of a minority stake in local fintech start-up Kiwe — the first social payment app that facilitates onboarding the unbanked segment in Egypt.

Currently, EFG Hermes Finance, EFG EV Fintech, dfin Holding, and Marakez are among the firm’s existing shareholders.

Kiwe’s fintech solutions attract young people, as the company capitalises on their daily hassles of payment and social engagement, allowing them to easily collect, send, and spend money electronically.

Additionally, it offers small businesses and start-ups a digital, simple, and cost-efficient payment platform with the goal of alleviating the daily financial struggles faced by young entrepreneurs doing business.

By combining Kiwe’s service offering with valU’s BNPL plans, valU is delivering on its vision of becoming a holistic financing powerhouse, providing progressive and convenient solutions to every aspect of people’s daily lives.

The investment also compliments valU’s recent strategic acquisition of Paynas — a full-fledged employee management and benefits company that provides financial products such as payroll cards and digital salary advances to micro, small, and medium enterprises (MSMEs).

The minority stake acquisition in Kiwe builds on valU’s mission to fuel the growth of cashless transactions, which positively impacts financial inclusion in Egypt. It is also in line with