Amazon invests $10m in EFG Hermes’ global depositary receipts

Amazon invests $10m in EFG Hermes’ global depositary receipts

valU, EFG Hermes’ subsidiary, entered into an agreement with Amazon for the provision of consumer
financing by valU as a payment method.

Amazon acquires 4.25% of ValU, Egypt’s BNPL platform, through purchasing $10 million of the global depositary receipts (GDRs) of EFG Hermes, with an option to convert the investment into an equity stake in EFG’s consumer finance arm valU. This transaction puts the BNPL platform’s valuation at $235 million.

As part of this deal, valU will make some of its consumer financing products available to eligible customers on Amazon Egypt, providing these customers the option to split the total cost of purchases into multiple payments by using valU.

Read more: ValU partners with Noon to provide installment services to its customers

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