The Middle East and North Africa (MENA) region’s largest buy-now, pay-later (BNPL) FinTech firm, valU, has acquired employee management and benefits provider Paynas. ValU claims this will support its ambition to provide seamless financial solutions to the region’s larger society.
According to a news statement from the company, this purchase will allow valU to reach out to the micro, small, and medium-sized businesses (MSMEs) that make up Paynas’ customer base.
A 360-degree financial and lifestyle-enabling solution will be delivered, with the aim of addressing every aspect of people’s lives and the goal of improving their overall quality of living, according to valU CEO Walid Hassouna. “Paynas is a strategic fit for us, and the combination of our two companies will drive significant value for our shareholders and customers,” he said in the release.
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.”
