With a focus on the unbanked, the Egyptian FinTech firm Kiwe has received investment from valU, an EFG Hermes Holding subsidiary that offers a buy now pay later (BNPL) service and has operations in both Egypt and Saudi Arabia. Kiwe is a social payment app.
Kiwe, a peer-to-peer money exchange app, was created in March 2021 by Fatma Khalifa, Omar Kamel, and Mohamed Khalifa. It enables real-time money transfers between users.
Users may effortlessly transfer, receive, and spend money electronically using Kiwe’s solutions. They also give small companies and startups a digital, user-friendly, and affordable payment platform.
The fintech firm valU, launched in 2017 and owned by EFG Hermes Finance, EFG EV FinTech, dfin Holding, and Marakez, has announced that it has provided money to the startup. Following an initial investment made last year, Kiwe intends to raise a seed round soon.
“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,” Kamel said.
“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. With our companies aligned on a common vision set out to give seamless access to financial solutions and enhance financial literacy, we’re positive we will be amplifying sustainable social and economic success.”
The addition of additional cutting-edge solutions for MSMEs and young people would help to strengthen his company’s offering of financial services, according to Habiba Naguib, head of the strategy and market growth at valU.
“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.
“With its unique offering and simplified, engaging user experience, Kiwe will greatly benefit from leveraging our vast and ever-growing network of vendors. Hence, this is an investment that promises growth for all. We believe we can create more innovative financial solutions that unlock many opportunities for us and our users, creating long-term value for the people who rely on our services every day to improve their lives, grow their businesses, and positively impact their communities.”