Cairo – MENA’s leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform, valU, has fully acquired Paynas, a full-fledged employee management and benefits company that offers financial services to micro, small, and medium enterprises (MSMEs).
The acquisition builds on valU’s mission to offer the wider society access to seamless financial solutions that ease up their daily activities while enhancing their lifestyle, according to a press release on Monday.
It further cements Paynas’s mission to be the region’s leading financial wellness and benefits platform. Paynas offers a multitude of employee management and payment services to MSMEs, including a cloud-based platform to manage time and attendance and payroll, in addition to financial products.
By combining Paynas’s service offering with valU’s BNPL plans covering healthcare, education, and travel, among others, valU is delivering on its vision of becoming a holistic financing powerhouse catering with progressive and convenient solutions to every aspect of people’s daily lives.
Egypt’s Minister of International Cooperation, Rania A. Al-Mashat, said: “This pivotal transaction reflects the compelling investment opportunities and growth prospects presented by the start-up and fintech sectors in Egypt.”
For his part, CEO of valU Walid Hassouna, commented: “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.”
CEO of Paynas, Mohamed Mounir, noted: “This acquisition is proof positive of the success we’ve achieved thus far, success we can in large part attribute to the support of our investors who believed in our vision.”
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