Converted acquires local fashion platform Mitcha

US-based AI advertising tech firm Converted has fully acquired homegrown fashion platform Mitcha to expand its data-driven commerce ecosystem across emerging markets, according to a statement. Mitcha will soon retire its standalone brand identity and integrate its marketplace, customer base, and designer network directly into Converted’s expanding digital ecosystem, Mitcha Founder and Shark Tank Egypt investor Hilda Louca tells EnterpriseAM. The value of the transaction was not disclosed.

The rationale: “For me, the decision was about finding the right partner to scale what we built with Mitcha,” Louca tells us. “By joining Converted, Mitcha’s designers and merchants can benefit from the company’s data and AI tools and reach customers more effectively while generating measurable sales,” she added.

** Want to know more about Mitcha and the founder behind it? We sat down with Louca a few months back for our weekly My Morning Routine column. You can check out the story here.

BP secures two offshore Med exploration blocks

BP has added Mediterranean offshore exploration concessions North-East El Alamein and West El Hammad to its portfolio after securing the blocks in January, according to the British energy company’s annual report (pdf). While BP has 100% equity in the North-East El Alamein concession, it only has 25% of West El Hammad, with Eni holding the remaining 75%.

Valu caps off record year on the EGX with EGP 764 mn in net income

EGX-listed fintech Valu’s bottom line surged 81% y-o-y to EGP 764 mn in 2025 — its first full year as a publicly traded company, according to its latest earnings release(pdf). Revenue came in at EGP 5.6 bn, up 71% y-o-y, supported by a 50% y-o-y expansion in gross merchandise value (GMV) to EGP 24.5 bn.

The drivers: Valu’s product ecosystem. Growth came primarily on the back of a 179% y-o-y increase in prepaid card GMV, which hit EGP 5.2 bn to become a core driver of engagement. Auto financing GMV grew 78% y-o-y during the year to EGP 3.3 bn, while Ulter and loans for premium purchases jumped 190% y-o-y to EGP 1.4 bn.

Market share: The fintech powerhouse maintained a 23% market share during the year, while keeping its non-performing loan ratio healthy and low at just 0.98%.

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