ValU, MENA’s leading Buy-Now, Pay-Later (BNPL) platform, announced that Fawaz Abdulaziz Alhokair, Salman Abdulaziz Alhokair, and Abdul Majeed Abdulaziz Alhokair (Alhokair family) have agreed to acquire a 4.99 percent stake in valU through a capital injection of $12.4 million.
ValU explained in a press statement that the deal raises the company’s valuation to $247.4 million, which is the first investment by the Alhokair family in one of the installment purchase platforms in Egypt.
The agreement comes following valU’s announcement of entering the Saudi market last week through FAS Finance, a joint venture with FAS Labs in which FAS Labs owns 65 percent while valU owns 35 percent.
The launch of FAS Finance and the strategic partnership bring a lifestyle-enabling solution to Saudi shoppers, with valU offering greater affordability and value for customers through one digital platform.
ValU is a fast-growing, innovative fintech platform in the MENA region that serves more than 574,000 app clients in Egypt, the Arab world’s largest consumer market.
In Egypt, valU currently boasts over 5,000 points of sale locations catering to hundreds of thousands of customers transacting in home furnishings, electronics, home appliances, fashion, auto spare parts, healthcare, education, and travel, among other services.
ValU will be present across Alhokair’s expansive retail network of more than 1,000 stores and online on the VogaCloset and mono-brand websites, including 14 in Saudi Arabia.
It will also extend to other vendors, retail networks, and merchants to include and cover the entire Saudi market.
