valU purchases fintech Paynas

The acquisition builds on valU’s mission to offer the wider society access to seamless financial solutions that facilitate day-to-day activities and enhance lifestyle. Joining forces with Paynas, it 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 offers a multitude of employee management and payment services to MSMEs, including a cloud-based platform to manage time & attendance and payroll, financial products such as payroll cards and affordable health insurance, and financial wellness products such as earned wage pay-outs and salary advances. By combining Paynas’s service offering with valU’s BNPL plans covering healthcare, education, home appliances, furniture, and travel, among others, valU is delivering on its vision of becoming a holistic financing powerhouse catering with progressive and convenient solutions to every aspect of people’s daily lives.

Tapping into more MSMEs

valU will also now harness an ecosystem that constitutes B2B partnerships, multiple acquisition channels, and a multi-product platform that will maximise returns through cross-selling synergies and low customer acquisition costs for both players. The partnership opens wide doors for valU’s BNPL solutions by tapping into Paynas’s roster of MSME clients and employees, integrating them into valU’s client base, while augmenting Paynas’s offering with a comprehensive range of financing products. Moreover, digitising the datasets of Paynas’s users will better position valU to offer them more cost-effective BNPL products by improving its loan disbursement cycles and credit scoring systems.

valU’s officials stated that Paynas is a strategic fit for them, and the combination of their two companies will drive value for 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.

Combining instalments with cards

valU will additionally leverage Paynas’s digital and tech capabilities. Being one the first startups in Egypt with an Agent Banking License, Paynas integrates small and medium businesses into the financial system by digitising their wage payments via Paynas’s payroll cards, issued in partnership with Banque Misr and powered by Visa which, in tandem with the Paynas app, allows employees to improve their financial planning and wellness and contributes to a cashless economy. 

By mixing valU’s roster of instalment programmes with the Paynas payroll card, the acquisition offers customers a seamless shopping experience and is a stepping stone towards their further integration into Egypt’s digital economy.