…This recognition serves as testament to the strides valU has made in the past few years in growing its business to become the leading BNPL in the region
TUE 31 AUG, 2021-theGBJournal- valU, the leading Buy-Now Pay-Later (BNPL) platform, announced today that it has been named among the top five fintech apps in the Middle East ranking 5th by Forbes ME. The list sought to recognize the top players in the region which provide a range of services for its customers including payments, remittances, borrowing, and investing. Rankings on the list were determined through certain criteria including amount of money executed through the app in 2020, number of downloads, and active users, among others.
“We are thrilled with this recognition by Forbes ME, which serves as testament to the strides we have made in growing valU to become the leading BNPL in the region,” said EFG Hermes Holding Group CEO Karim Awad. “As we continue to expand our operations and presence, we are seeking new opportunities to enhance synergies across the group which will enable us to continue to offer our customers comprehensive, innovative and seamless solutions that will give them access to instant financing.”
“We are very pleased to have been named among the region’s leading fintech apps by Forbes ME,” said EFG Hermes Non-Bank Financial Institutions (NBFI) CEO Walid Hassouna. “In the past years, we have made remarkable progress with valU, venturing into new sectors that expanded our network, forming key strategic partnerships and launching innovative products. valU’s success is built on answering our customers’ needs ensuring they are attaining their desired lifestyles through customizable financing plans up to 60 months, the longest available globally.”
In 2021, valU witnessed exponential growth growing to more than 229,000 users and over 426,000 transactions with an outstanding portfolio breaking the EGP1 billion mark to reach EGP1.1 as well as increased shopping limits amounting to more than EGP 2.2 billion Business-To-Date. In addition, the year saw valU expand on its roster of partnerships, including venturing into new spaces such as education, medical services, sporting club memberships, and food and beverages, among others.
During the year, valU also launched plans to introduce its online shopping platform “Shop’it”, where valU customers will be able to purchase their desired products from an array of vendors using convenient installment plans, gaining access to multiple products from various categories on a single, consolidated platform.
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