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Valu rebrands to reflect an expanded footprint in the fintech industry: Valu has announced a strategic rebranding to reflect its push into the region’s growing fintech market, it said in a press release (pdf) yesterday. Having made its name as one of the region’s first and most successful buy-now, pay-later firms — and attracted investor interest from Amazon — Valu has since expanded its product offering to include savings and investment services, digital payments, and B2B solutions. Valu is a unit of EFG Holding.
In with the new: The company has revamped its mobile app and refreshed its visual identity to reflect its position as a fintech company, it said.
What they said: “Valu today is no longer a consumer finance company; we now offer an instant cash redemption program, savings solutions, investment products, B2B services platform, and more,” said ValU CEO Walid Hassouna. “It was about time for Valu to undergo a brand restructuring to reflect the breadth and depth of its brand portfolio.”
Remember: Valu had a good 2Q. The company almost tripled its revenues y-o-y to EGP 207 mn in 2Q 2023 on the back of gains from securitization and an expansion of its loan book, EFG Holding said in its earning release (pdf) recently. Valu’s revenues were up more than 2x year-to-date in 1H 2023.
Fintech license on the way? Valu will apply to the Financial Regulatory Authority to acquire a fintech license, Asharq Business quotes Hassouna as saying. Several investors are interested in Valu and may be potential partners for the company should it look at growing outside of Egypt, he added.
As is a fresh bond issuance: The company plans to take a new securitized bond issuance worth EGP 1 bn to market in September to finance its on-loans portfolio, Al Mal reports, quoting Valu CFO Shokry Bidair. Valu has securitized EGP 2.28 bn of its portfolio so far this year, according to our math.
BY THE NUMBERS- Valu has more than 1 mn active customers and booked total gross merchandise valued at EPP 5.8 bn on the platform last year. Amazon bought in May 2022 EFG Holding global depositary receipts with an option to swap the investment into an equity stake in Valu.
