ValU — one of MENA’s leading buy-now, pay-later (BNPL) lifestyle-enabling fintech platforms — announced on Monday that it acquired Paynas — a full-fledged employee management and benefits company that provides financial services to micro, small, and medium enterprises (MSMEs).
The acquisition was made public in a signing ceremony attended by Minister of International Cooperation Rania Al-Mashat.
The acquisition builds on ValU’s mission to offer society wider access to seamless financial solutions that facilitate their day-to-day activities and enhance their lifestyle and reinforces Paynas’ mission to be MENA’s leading financial wellness and benefits platform by offering access and convenience beyond employment.
Joining forces with Paynas will act as a gateway for ValU to reach MSMEs — which are considered the backbone of the economy — with the goal to unlock various opportunities to both employers and employees.
For her part, Al-Mashat said: “This pivotal transaction reflects the compelling investment opportunities and growth prospects presented by the start-up and fintech sectors in Egypt. It underscores the country’s efforts in becoming a leading entrepreneurial hub in the region given a set of unique advantages, such as talented youths, significant economic opportunities, and the continued efforts undertaken by the public and private sectors to create a conducive business environment for start-ups that fosters the participation of the private sector in the country’s advancement.”
Additionally, CEO of ValU Walid Hassouna said: “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.”
ValU will leverage Paynas’s digital and tech prowess to become the go-to fintech platform. Being the first startup in Egypt with an Agent Banking License, Paynas integrates small and medium businesses into the financial system by digitising their wage payments via Paynas’s payroll cards, which are issued in partnership with Banque Misr and powered by Visa and — in tandem with the Paynas app — allows employees to improve their financial planning and wellness and contributes to a cashless economy.
