Cairo - Mubasher: valU announced acquiring a minority stake in local financial technology (fintech) startup, Kiwe, the first youth 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, enabling them to easily collect, send, and spend money electronically, according to a recent press release.
By combining Kiwe’s service offering with valU’s Buy-Now, Pay-Later (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 minority stake acquisition in Kiwe builds on valU’s mission to fuel the growth of cashless transactions, positively impacting financial inclusion in Egypt. Moreover, it is in line with valU’s mission to widen its client base of young individuals and small businesses and will support Kiwe’s expansion by tapping into valU’s vast network of vendors across numerous sectors.
Head of Strategy and Market Expansion at valU, Habiba Naguib, said: “This strategic investment in Kiwe comes as a natural step to further bolster our portfolio of financial services by extending more innovative solutions to MSMEs and young people. Serving these segments allows us to reach a larger population, ensuring that we are alleviating financial hassles, driving financial inclusion, and contributing to greater convenience for millions of customers.”
This investment marks the first for Kiwe this year, with plans in place to fundraise a seed round in the coming months.
Co-founder of Kiwe, Omar Kamel, commented: “For us at Kiwe, valU’s investment is proof positive that we’re forging ahead in the right direction and signals confidence in our brand that offers unique services that are in high demand. Having a leading fintech player such as valU onboard acts as a pivotal step forward in our expansion strategy.”
