Cairo - Mubasher: Egyptian Financial Group Hermes Holding’s (EFG Hermes) investment banking division successfully closed valU’s third securitised bond issuance worth EGP 854.50 million, which comes as part of a wider EGP 2 billion programme that was approved by the Financial Regulatory Authority (FRA) in July 2021.
The transaction follows the remarkable success of valU’s previous two issuances and comes as part of the Buy-Now, Pay-Later (BNPL) platform’s efforts to ramp up its operations in the rapidly-growing regional financial technology (FinTech) landscape, according to a press release.
Maie Hamdy, Managing Director - Debt Capital Markets at EFG Hermes, said: “The significant traction garnered from all three issuances, which initially hit the market as the first-of-their-kind for a BNPL fintech platform, underlines the trust we have built in the market and our unwavering commitment to provide our partners and clients with value-generating and diverse financing solutions that best serve their business expansion objectives.”
Shokry Bidair, CFO of valU, commented: “As valU continues to expand its operational footprint and merchant network across key products, sectors, and markets, this issuance comes at the perfect time, supporting us to cater to the growing demand for convenient consumer financing solutions in the region.”
In the first nine months (9M) of 2022, the EGX-listed firm posted consolidated net profits after tax worth EGP 1.31 billion million, higher than EGP 1.12 billion in 9M-21.
