EFG Hermes’ consumer finance platform valU will set foot in Saudi Arabia before the end of 1H2022, marking its first cross-border expansion, EFG Hermes Finance CEO Walid Hassouna told Bloomberg Asharq.
The fintech platform is also looking at the Moroccan and Tunisian markets in cooperation with EFG Hermes’ e-payments subsidiary PayTabs.
valU is on a spending spree, with a couple of acquisitions in the cards: The company is planning to acquire two unnamed companies in a field that complements consumer finance, Hassouna said.
The two transactions are worth a combined USD 20 mn, with one acquisition set to be announced in mid-April. The transaction is currently pending board approval after due diligence has been completed.
The company is looking to double its revenues to EGP 5 bn this year from EGP 2.4 bn in 2021.
valU has allocated around USD 40 mn this year to investments, which will fund the targeted acquisitions, infrastructure upgrades, and marketing, he said.
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