VALEO acquires Paynas for financial services technology to expand its financial services and lifestyle solutions

– This transaction comes within the framework of the company’s strategy to expand its operations and develop its technology activities, in addition to taking maximum advantage of PayNas’ growing customer base of small, medium and micro enterprises (MSME).

The acquisition will contribute to the consolidation of Valeo’s position as the leading platform for financial services technology and the development of a portfolio of innovative products and solutions with a distinctive positive return.

Cairo: Value, the leading Buy Now, Pay Later (BNPL) platform to enhance the evolving lifestyle in the Middle East and North Africa, today announced that it has acquired a 100% stake in Paynas, an electronic employee management services platform that ‘ a range of Financial services. For Small, Medium and Micro Enterprises (MSME), the signing ceremony was attended by Dr Rania Al-Mashat, Minister of International Cooperation. The acquisition comes as part of Valeo’s efforts to facilitate the access of a larger segment of society to clear solutions of financial services that meet their various daily needs and improve their lifestyle, in addition to being one of the main pillars of the implementation of Paynas’ mission to become the financial platform The leader in the Middle East and North Africa in terms of employee management services by providing various innovative solutions for the different stages, whether pre-employment or post-employment. Value also aims to improve the company’s ability to reach small, medium and micro enterprises (MSMEs) as the main pillars of the Egyptian economy, in addition to providing many opportunities for both business owners and employees.

PayNas offers a range of innovative solutions in the field of employee management and payment services for small, medium and micro enterprises (MSME), including the provision of cloud computing services that help manage time, attendance and leave tracking, daily employee requests, as well as the calculation and transfer of salaries, in addition to a number of financial services such as Paynas cards and health insurance at an affordable cost, as well as a range of services to reduce the financial burden on employees, such as early salary payment. The acquisition will provide a unique combination of Paynas’ suite of services and Valeo’s easy installment plans and programs, which include healthcare, education, home appliances, furniture and travel, as valeo seeks to achieve its vision of becoming a comprehensive technology financing institution that provides for innovative solutions. It meets the various daily needs of customers and improves their lifestyle.

After the completion of this transaction, VALEO will be able to maximize the benefit of a strong system based on partnership between partnerships and various acquisitions, as well as manage a platform that offers a variety of products, contributing to the maximum return by promoting the various services and products offered by the subsidiaries, as well as attracting new segments of customers at the lowest cost for both companies. On the other hand, this partnership will contribute to the enhancement of the ability of the Buy Now and Pay Later (BNPL) solutions provided by “Value” company to benefit from the financial services for small, medium and micro- enterprises (MSME) provided by the PayNas. electronic platform for employee management services Note that the platform will be enhanced with a comprehensive package of financing solutions. In addition, the digital transformation of PayNas customer data will contribute to the improvement of Valeo’s ability to promote its products to customers by improving the funding disbursement cycle and creditworthiness system.

Minister of International Cooperation, Dr. Rania Al-Mashat, for her part, emphasized the importance of this agreement, which confirms the continuous growth and investment opportunities available in the emerging companies and financial services technology sector in Egypt, and the development that Egypt is witnessing as a leading regional market on this area in light of its possession of various components represented in innovative youth and economic opportunities, as well as the efforts made by the government and the private sector to create and facilitate the work environment for start-ups, in a way that the participation of the private sector to stimulate development. She added that this agreement also reflects the success of the investments made by “Egypt Entrepreneurship and Investment” – the first venture capital company with a government contribution – since its launch in 2017, as well as its accelerator (EFG-EV Fintech) – owned . by the company in partnership with EFG Hermes Holding To support the growth of emerging companies and improve their ability to expand in the Egyptian market and to make an effort in line with the plans implemented by the state to expand the scope of digital transformation and increase the percentage of financial inclusion and pave the way for entrepreneurs and emerging companies to play their role in achieving development in the Egyptian market.

Commenting on the acquisition, Walid Hassouna, CEO of Valeo, said that the acquisition of the PayNas platform is a strategic choice for the company, as the collaboration between the two companies will maximize value for shareholders and customers through an integrated to provide a package of financing solutions that support the business style, customers’ lives at various levels, as well as improving their living conditions. Hassouna emphasized that the joining of the exceptional team of PayNas company, which includes an elite group of experts and competencies, will contribute to Valeo to maintain the company’s unique leading position in the field of financial services technology in the region, against the background of the company’s strategy since its inception, which It prioritizes the work team as the most important asset of the company. Hassouna explained that the management looks forward to seeing more innovative ideas under the company’s umbrella in the future, which will develop more new products to meet the needs of customers, in addition to the company’s expansion and promotion of its products in various markets in the region.

Valeo is expected to benefit from the technological and digital capabilities of the PayNAS platform to become the preferred financial services technology platform for various customers. PayNas is the first startup in Egypt to obtain a bank agent license from the Central Bank. It also provides its small and medium-sized business customers with a financial system that enables salary transfer to be managed digitally through PayNas cards supported by Visa, in partnership with Banque Misr, a system that will allow employees to better plan their financial future with the PayNas application, which will be reflected in supporting the government’s efforts to create a cashless economy. The process of integrating the easy installment programs and plans offered by “Value” and “PayNas” card services will enable customers to benefit from a unique shopping experience which in turn contributes to the transformation to promote a digital economy in Egypt.

In this context, Mohamed Mounir, CEO of PayNas, stated that PayNas has succeeded in consolidating its brand and has played a crucial role in promoting financial inclusion in many small, medium and micro companies, as well as various segments not covered by the banking sector in Egypt. . Mounir added that this acquisition is an important step in achieving the two companies’ social and economic goals aimed at improving the lives of customers and meeting their various needs by providing new financing solutions and innovative financial services. . Mounir pointed out that the acquisition transaction is a testament to the success the company has achieved, which would not have been achieved without the great support of the company’s investors and their firm confidence in the sound vision of the management team.

It is worth noting that the new acquisition is the second for Valeo this year, after it bought a 35% stake in FAS Finance, the consumer finance institution affiliated with the Saudi company FAS Labs. Thanks to this investment, Valeo was able to expand geographically and enter the Saudi market by providing digital consumer finance solutions through FAS Finance. In the same month, VALEO announced the sale of a 4.99% stake in the company to investors from the Al Hokair family, which is seen as an important starting point for more fruitful strategic partnerships in the regional arena.


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About Valeo

Value, the leading Buy Now Pay Later (BNPL) platform launched in 2017 to enhance the evolving lifestyle using financial services technology, is a subsidiary of EFG Hermes Holdings’ non-banking finance division. The company has a direct presence as a payment service in more than 5,000 sales points and more than 330 websites. It provides easy installment plans and programs up to 60 months for home appliances, electronics, furniture, home finishing, solar solutions for residential units, travel, tourism, educational and health services, among others. Value is unique in providing the fastest credit approvals in Egypt, connecting consumers with a wide base of retail stores, online shopping sites and a large network of different service providers.

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EFG Media Relations Division

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Head of Marketing and Communications at EFG Hermes Holdings

About PayNas

PayNas was founded in 2019 to be an electronic platform to serve companies through various services such as employee management services and cloud computing services that help track attendance, leave, employee requests, calculation and transfer of salaries, as well as a set of financial benefits. . PayNas aims to digitally transform the human resource management system, providing an easy and simple salary transfer system, in addition to a range of other services provided by the company to serve employees, improve their financial conditions and provide different options, in order to meet their various daily needs and improve their lifestyle.

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EFG Hermes Holdings may have referred to future matters in this statement, including, for example, management’s expectations, strategy, objectives, growth opportunities and future indicators for various activities. These forward-looking statements are not considered to be actual facts, but rather express the group’s vision for the future, and many of these expectations, by their nature, are uncertain and beyond the company’s control, and they include – for example, but not limited to – fluctuations in the financial markets and the actions taken by current and potential competitors and the general economic conditions and effects resulting from the local currency position and current and future legislation and various regulations. Accordingly, the reader should be careful not to place undue reliance on forward-looking statements that are correct as of the date of publication.

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