The leading buy-now, pay-later (BNPL) FinTech company in the Middle East and North Africa (MENA) region, valU, has acquired Paynas, a company that offers employee management and benefits. This, according to ValU, will help its goal of giving the region’s greater society seamless financial solutions.
This acquisition will enable valU to connect with the micro, small, and medium-sized enterprises (MSMEs) that make up Paynas’ clientele, according to a news release from the company.
According to valU CEO Walid Hassouna, a 360-degree financial and lifestyle-enabling solution will be offered with the intention of addressing all element of people’s lives and the purpose of enhancing their entire quality of living. “Paynas is a strategic match for us, and the merger of our two businesses will generate considerable value for our shareholders,”
A cloud-based platform for tracking time and attendance and payroll, payroll cards, health insurance, earned wage payments, and salary advances are among the Paynas services provided to MSMEs, while valU’s BNPL alternatives include options for healthcare, education, home appliances, furnishings, and travel.
According to the press release, both players would profit from synergies in cross-selling and cheap client acquisition costs.
According to Paynas CEO Mohamed Mounir, “both firms are determined to make a social and economic impact, and we’re looking forward to creating more substantial improvements in people’s lives by allowing them to have more access to finance and providing practical financial solutions to their doorstep.”
