Egyptian Fintech Startup, Kiwe Secures Funding From valU

With a focus on the unbanked, the Egyptian fintech firm Kiwe has received funding 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 with Kiwe’s solutions. They also give small companies and startups a digital, user-friendly, and affordable payment platform.

The fintech startup 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.

valU’s investment in Kiwe, according to Kamel, “is proof positive that we’re moving forward in the correct path and reflects confidence in our brand, which delivers distinctive services that are in high demand.”

“Having a top fintech company like valU on board moves our expansion strategy forward significantly by allowing us to considerably benefit from their success and giving us access to their enormous network of vendors. We’re confident that by combining our companies’ efforts to advance financial literacy and provide seamless access to financial solutions, we will accelerate long-term social and economic success.

The addition of more 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 strategy and market expansion at valU.

Serving these markets enables us to reach a wider audience, ensure that we are removing financial obstacles, promote financial inclusion, and increase consumer convenience for millions of people, he said.

“Kiwe will significantly benefit from utilizing our extensive and constantly expanding network of partners with its distinctive product and simpler, engaging user experience. Consequently, this investment offers progress for everyone. We are confident that more of our creative financial solutions will open up new doors for both us and our users, bringing long-term benefits to those who depend on our services on a daily basis to better their lives, expand their businesses, and make a good difference in their communities.