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Cairo: valU, the leading fintech platform for buy-to-pay (BNPL) lifestyles in the MENA region, today announced its investment in Hoods, the first and leading live entertainment commerce platform in the Middle East. valU’s investment aims to leverage Hoods’ unique platform to penetrate the fast-growing virtual shopping space and provide a diverse offering to new and existing valU customers and merchants. The investment in Hoods comes two months after valU announced its acquisition of Paynas, a well-established employee management and benefits company providing financial services to micro, small and medium enterprises (MSMEs), and valU’s recent acquisition of a minority stake in Kiwe, the first A youth social payment app that facilitates the onboarding of unbanked users in Egypt.
Hoods’ live shopping platform offers an innovative and user-friendly shopping experience that is unique in nature and has proven successful in attracting a large and growing customer base. By building a digital application that brings suppliers, content creators and shoppers onto a single platform to interact and execute retail transactions in a fun way through a seamless experience. Hoods have changed the way consumers shop online because it allows shoppers to view the products they want in an engaging, real-time format.
Globally, and especially in the wake of the pandemic, virtual shopping is fast becoming the preferred way for customers to buy goods online. Unlike traditional e-commerce, Hoods utilizes videos created by individuals using creative content to create unique and interesting product presentations for customers. By providing consumers with a platform where they can connect with influencers and brands and allow them to see the products they want come to life, Hoods positions itself as a unique omnichannel solution that brings real life The shopping experience in e-commerce is combined with the speed and convenience of e-commerce.
Comments on investing are Habiba Naguib, Head of Strategy and Market Development, valU“This investment in Hoods is a testament to valU’s focus on working with non-traditional markets, platforms and companies that fit our vision to fully cover people’s daily lives. By leveraging this exciting space, we can access Hoods’ technology and community , which allows us to provide them with a convenient financing solution as they shop online. At the same time, we are enabling valU’s extensive merchant network to appear on Hoods’ live shopping platform, which will drive more demand and provide valU’s Customers are provided access to a disruptive platform that enhances their shopping experience.”
The transaction is in line with valU’s commitment to investing in companies that support its mission to enhance consumers’ lifestyles. The transaction will also enable valU to further implement its strategy to provide people and businesses with the tools and financing they need to build better lives and better companies, fundamentally uphold its commitment to financial inclusion, and create long-term value and positively impact the communities the company continues to serve.
Also comment on the transaction yes Founder of Hoods, Mostafa Hanafy“Our passion stems from our inner drive to create valuable, life-changing experiences that shape and create markets. That’s why we’re very excited today to partner with fintech leaders like valU to elevate Hoods to the next level. products offered by consumers and expand their customer base. valU’s investment further cements our confidence in the enticing future that the virtual shopping space holds. By creating change in this ecosystem, we have created a new marketplace for our Customers create new and exciting experiences. valU’s investment will also allow us to accelerate our growth plans and make a bigger impact in the market.”
Waleed Ghalwash, co-founder of Hoodsalso applauded the deal, saying: “We have built a platform that uniquely blends shopping and entertainment into a rich experience, delivering the convenience and excitement of live entertainment through a robust e-commerce platform. Delivered to customers’ doorsteps with the fastest speed and with as little hassle as possible. This unique partnership with valU will allow us to provide a highly affordable payment solution that will further improve shopping for our consumers experience.”
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About VALU
valU, a subsidiary of EFG Hermes Holding, was established in 2017 and is a leading buy-as-you-go (BNPL) lifestyle, fintech-enabled platform offering convenient and customizable financing plans up to 60 months. With more than 5,000 points of sale and more than 330 websites, valU offers an extensive network of retail and e-commerce suppliers covering a variety of categories including home appliances, electronics, home decor, furniture, residential solar solutions, healthcare, education , travel, fashion, etc. As the first platform of its kind in the MENA region, valU customers can get instant credit decisions from their device and gain access to a growing number of platform partners.
For more information, please contact:
EFG Hermes Holdings PR Team
PublicRelations@EFG-HERMES.com
May El Gammal
Chief Marketing and Communications Officer, EFG Hermes Holding Group
melgammal@efg-hermes.com
About the hood
hoods is a platform for entertainment and online shopping through video and live streaming. It uniquely blends shopping and entertainment in one engaging experience, combining the convenience of powerful e-commerce with the excitement of live entertainment, offering international and local products with a variety of payment methods to serve a variety of shopping experiences .
Note Regarding Forward-Looking Statements
In this press release, EFG Hermes Holding may make forward-looking statements, including, for example, statements regarding management’s expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts and represent EFG Hermes Holding’s views only with respect to future events, many of which are inherently uncertain and beyond management’s control, including financial market volatility; current and potential competitors’ actions Actions and initiatives; general economic conditions and the impact of current, pending and future legislative, regulatory and regulatory actions. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made.
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