EFG Hermes’ valU acquires fintech company Paynas

EFG Hermes’ consumer finance arm valU announced on Monday it had acquired 100 percent of digital HR and payroll platform Paynas.

The acquisition will see valU tap into Paynas’s roster of micro and small-business clients, while Paynas will add valU’s buy-now-pay-later (BNPL) products to its offering, a valU statement read.

Paynas offers MSMEs employee management and payroll services including the Visa Paynas card and salary advances, as well as tools to monitor time management and attendance. The startup, which counts mass transit app Swvl and state-owned mobile and digital advertising firm E3lany among its clients, was a member of the inaugural 2019 class of EFG-EV Fintech, the accelerator run between EFG Hermes and the Egyptian Ministry’s venture capital arm, Egypt Ventures.

In June, valU acquired a 35 percent stake in Fas Finance, the consumer finance arm of Fas Labs. Fas Finance is, a joint venture owned by the Alhokair family, which acquired a 4.99 percent stake in valU in the same month.