valU, MENA’s buy now, pay later (BNPL) lifestyle-enabling fintech platform, acquired Paynas, an employee management and benefits company that provides financial services to micro, small, and medium enterprises (MSMEs).
The acquisition builds on valU’s mission to offer the wider society access to seamless financial solutions that facilitate their day-to-day activities and enhance their lifestyle. Paynas will act as a gateway for valU to reach micro, small and medium businesses who are considered to be the backbone of the economy, with the goal to unlock various opportunities to both employers and employees.
“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° 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. That, and the addition of exceptional talent to our team, firmly positions us as a leading fintech platform in the region,” Walid Hassouna, CEO of valU, said.
Earlier this year, valU also acquired a 35% share in FAS Finance, the consumer finance arm of Saudi Arabia’s FAS Labs, which allowed valU to expand geographically to the Saudi market and provide consumer finance solutions through FAS.
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