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Buy now, pay later (BNPL) FinTech valU has acquired employee management and benefits company Paynas, saying this will contribute to valU’s mission of bringing seamless financial solutions to the wider society in the Middle East and North Africa (MENA) region.
With this acquisition, valU will expand its financial offering and reach Paynas’ base of micro, small and medium enterprises (MSMEs), the company said Monday (Aug. 22) in a press release.
“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-degree 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 CEO Walid Hassouna said in the release.
Paynas’ services to MSMEs include a cloud-based platform for managing time and attendance and payroll, payroll cards, health insurance, earned wage payouts and salary advances, while valU’s BNPL options cover healthcare, education, home appliances, furniture and travel, per the release.
Together, both players will benefit from cross-selling synergies and low customer acquisition costs, according to the press release.
“With both companies driven to have a social and economic impact, we’re looking forward to making more meaningful changes in people’s lives by allowing them to have more access to finance and bringing effective financial solutions to their doorstep,” Paynas CEO Mohamed Mounir said in the release.
The move follows the July announcement that Amazon Egypt is now offering BNPL plans to qualified buyers through valU.
“With the thriving [FinTech] sector in Egypt, we will continue to come up with localized, simple, affordable and trusted payment services, including [BNPL] with valU, to ensure our customers enjoy shopping on Amazon,” Amazon Payment Services Managing Director Peter George said at the time.
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