Egyptian BNPL firm valU acquires employee management fintech Paynas
Egyptian buy now, pay later (BNPL) firm valU has acquired employee management fintech Paynas for an undisclosed sum as it looks to diversify its offering.
Paynas provides employee management and payment services to micro, small and medium-sized enterprises (MSMEs), including cloud-based attendance and payroll solutions, payroll cards and affordable health insurance, as well as financial wellness products such as earned wage pay-outs and salary advances.
ValU intends to fold these solutions into its BNPL plans covering healthcare, education and travel, among others, to become a “holistic financing powerhouse”.
Walid Hassouna, CEO of valU, says: “Paynas is a strategic fit for us, and the combination of our two companies will drive significant value for our shareholders and customers by delivering a 360° financial and lifestyle enabling solution, with the objective of addressing every aspect of people’s life and the goal of improving their overall quality of living.”
Earlier this year, valU bought a 35% stake in FAS Finance, the consumer finance arm of Saudi Arabia’s FAS Labs, which gave the company a foothold in the Saudi market.