valU Named Among Top 5 Fintech Apps in the Middle East by Forbes ME
This recognition serves as testament to the strides valU has made in the past few years in growing its business to become the leading BNPL in the region
Cairo, 31st August 2021
valU, the leading Buy-Now Pay-Later (BNPL) platform, announced today that it has been named among the top five fintech apps in the Middle East ranking 5th by Forbes ME. The list sought to recognize the top players in the region which provide a range of services for its customers including payments, remittances, borrowing, and investing. Rankings on the list were determined through certain criteria including amount of money executed through the app in 2020, number of downloads, and active users, among others.
'We are thrilled with this recognition by Forbes ME, which serves as testament to the strides we have made in growing valU to become the leading BNPL in the region,' said EFG Hermes Holding Group CEO Karim Awad. 'As we continue to expand our operations and presence, we are seeking new opportunities to enhance synergies across the group which will enable us to continue to offer our customers comprehensive, innovative and seamless solutions that will give them access to instant financing.'
'We are very pleased to have been named among the region's leading fintech apps by Forbes ME,' said EFG Hermes Non-Bank Financial Institutions (NBFI) CEO Walid Hassouna. 'In the past years, we have made remarkable progress with valU, venturing into new sectors that expanded our network, forming key strategic partnerships and launching innovative products. valU's success is built on answering our customers' needs ensuring they are attaining their desired lifestyles through customizable financing plans up to 60 months, the longest available globally.'
In 2021, valU witnessed exponential growth growing to more than 229,000 users and over 426,000 transactions with an outstanding portfolio breaking the EGP1 billion mark to reach EGP1.1 as well as increased shopping limits amounting to more than EGP 2.2 billion Business-To-Date. In addition, the year saw valU expand on its roster of partnerships, including venturing into new spaces such as education, medical services, sporting club memberships, and food and beverages, among others.
During the year, valU also launched plans to introduce its online shopping platform 'Shop'it', where valU customers will be able to purchase their desired products from an array of vendors using convenient installment plans, gaining access to multiple products from various categories on a single, consolidated platform.
A subsidiary of EFG Hermes established in 2017, valU is the leading Buy-Now Pay-Later (BNPL) fintech consumer financing platform offering convenient and customizable financing plans up to 60 months. With more than 3,500 points of sale and over 170 websites, valU offers access to a wide network of retail and e-commerce providers across a diverse array of categories including home appliances, electronics, home finishing, furniture, residential solar solutions, healthcare, education, travel, and fashion, among others. As the first platform of its kind in the MENA region, valU customers are able to receive instant credit decisions through their devices and gain access to the ever-growing platform's partners.
For further information, please contact:
EFG Hermes Media
May El Gammal
Group Head of Marketing & Communications at EFG Hermes
Note on Forward-Looking Statements
In this press release, EFG Hermes and subsidiaries may make forward looking statements, including, for example, statements about management's expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts but instead represent only the Group's belief regarding future events, many of which, by their nature are inherently uncertain and are beyond management's control and include among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending and future legislation, regulations and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.
EFG Hermes Holdings SAE published this content on 31 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 September 2021 09:01:02 UTC.