EFG Hermes unit acquires fintech company Paynas

EFG Hermes unit acquires fintech company Paynas

valU, a leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform in Mena region and a subsidiary of EFG Hermes Holding, said it has acquired Paynas, a full-fledged employee management and benefits company that provides financial services to micro, small and medium enterprises (MSME).

A subsidiary of EFG Hermes Holding established in 2017, valU offers convenient and customizable financing plans up to 60 months.

With more than 5,000 points of sale and over 330 websites, valU offers access to a wide network of retail and e-commerce providers across a diverse array of categories.

This is the second investment valU carries out this year, following its investment of a 35% share into FAS Finance, the consumer finance arm of Saudi Arabia’s FAS Labs, which allowed valU to expand geographically and enter the Saudi market, while providing consumer finance solutions through FAS.

The same month, the company announced selling a 4.99% stake to members of the Alhokair family, marking a key steppingstone for the platform to create strategic regional partnerships.

valU and Paynas signed the deal at a special ceremony held in the presence of Egypt's Minister of International Cooperation Dr Rania A. Al-Mashat and other officials.

The acquisition builds on valU’s mission to offer the wider society access to