Egypt-based buy-now, pay-later (BNPL) fintech platform valU, made a $12.4 million funding deal with the Saudi-based Alhokair Family, which runs the popular Alhokair Fashion Retail.
The transaction is subject to regulatory approvals and the fulfilment of certain pre-agreed-upon conditions. The transaction represents Alhokair Family's first investment in an Egyptian BNPL platform. It also serves as a critical stepping stone for the platform in developing strategic regional partnerships. The transaction follows valU's entry into the Saudi market last week via a joint venture (JV) agreement with FAS Finance.