Valu to enter Jordan next year, scraps Saudi expansion plans: Homegrown fintech platform Valu has announced plans to launch in Jordan by early 2024 under its expansion plan for the region, it said in a statement (pdf) Sunday. Valu is currently in the process of applying for a license from the Central Bank of Jordan and expects to reach profitability within the first two years of launching.

The details: Valu will invest USD 10 mn into expanding into Jordan, around USD 7 mn (JOR 5 mn) of which will go towards capitalizing its local unit, CEO Walid Hassouna told CNBC Arabia.

Hello Jordan, goodbye Saudi: Valu has excluded Saudi Arabia from its regional expansion plans due to market conditions and doubts over profitability, it said in the statement. Market conditions will not allow the company to “flexibly” roll out its financial services while the profitability projections fall outside of its strategy, it said.

Regional growth is a priority for Valu, the Valu statement said, flagging that it is actively looking at markets in North Africa. The company is looking at markets “with favorable dynamics that allow for the implementation of its full product and services … flexibly.” Valu is looking to reach profitability in expansion markets “within 12-24 months of launching.”

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