Kiwe is a mobile application that enables users to transfer money instantly. Additionally, the platform offers small businesses and startups a digital, simple, and cost-efficient payment system.
The firm said in a statement that the investment from valU is proof that it’s forging ahead in the right direction by offering unique services that are in high demand.
Spokesperson for the firm, Omal Kamel, stated, “Having a leading fintech player such as valU onboard acts as a pivotal step forward in our expansion strategy by allowing us to benefit greatly from their success and giving us access to their vast network of vendors.”
Founded in 2018 in Egypt by Fatma Ibrahim, Omar Kamel, and Mohamed Khalifa, Kiwe’s fintech solutions attract young people, as the company capitalises on their daily hassles of payment and social engagement.
With Ibrahim as CEO, the start-up is one of the companies in the Middle East and North Africa region where women play an important role.
Meanwhile, Habiba Naguib, the head of strategy and market expansion at valU, described the investment in Kiwe as a strategic step to extend more innovative solutions to micro, small and medium enterprises (MSMEs) and young people.
“Serving these segments allows us to reach a larger population, ensure that we are alleviating financial hassles, drive financial inclusion, and contribute to greater convenience for millions of customers,” Naguib said.
valU, founded in 2017, is a subsidiary of EFG Hermes Holding that provides a buy now pay later (BNPL) service, with a presence in Egypt and Saudi Arabia.