Egyptian peer-to-peer fintech startup Kiwe, has successfully secured funding from valU, a subsidiary of EFG Hermes Holding, a ‘buy now, pay later’ (BNPL) service with a huge presence in Egypt and Saudi Arabia.
Kiwe, a social payment app targeting the unbanked segment of the society, was founded in March 2021 by Fatma Khalifa, Omar Kamel and Mohamed Khalifa, allows its users to transfer money to each other in real-time.
According to Disrupt Africa, valU, a fintech company founded in 2017 has EFG Hermes Finance, EFG EV Fintech, dfin Holding, and Marakez among its shareholders.
In a statement by Kamel on Wednesday, “Kiwe’s solutions allows users to easily collect, send, and spend money electronically, while also providing small businesses and startups with a digital, simple, and cost-efficient payment platform.
“For us at Kiwe, valU’s investment is proof positive that we’re forging ahead in the right direction and signals confidence in our brand that offers unique services that are in high demand.
“Having a leading fintech player such as valU onboard acts as a pivotal step forward in our expansion strategy by allowing us to benefit greatly from their success and giving us access to their vast network of vendors,” Kamel said.
The head of Strategy and Market Rxpansion at valU, Habiba Naguib, said the “strategic investment” in Kiwe came as a natural step to further bolster his firm’s portfolio of financial services by extending more innovative solutions to MSMEs and young people.
“Serving these segments allows us to reach a larger population, ensure that we are alleviating financial hassles, drive financial inclusion, and contribute to greater convenience for millions of customers,” he said.