Egyptian fintech startup Kiwe, a social payment app targeting the unbanked segment, has secured funding from valU, a subsidiary of EFG Hermes Holding that provides a buy now pay later (BNPL) service with a presence in Egypt and Saudi Arabia.
Founded in March 2021 by Fatma Khalifa, Omar Kamel and Mohamed Khalifa, Kiwe is a peer-to-peer money exchange app that allows its users to transfer money to each other in real-time.
Kiwe’s solutions allow users to easily collect, send, and spend money electronically, while also providing small businesses and startups with a digital, simple, and cost-efficient payment platform.
The startup has announced it has raised funding from valU, a fintech company founded in 2017 that counts EFG Hermes Finance, EFG EV Fintech, dfin Holding, and Marakez among its shareholders. It follows an initial investment last year, and Kiwe plans to raise a seed round in the coming months.
“For us at Kiwe, valU’s investment is proof positive that we’re forging ahead in the right direction and signals confidence in our brand that offers unique services that are in high demand,” Kamel said.
“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. With our companies aligned on a common vision set out to give seamless access to financial solutions and enhance financial literacy, we’re positive we will be amplifying sustainable social and economic success.”
Habiba Naguib, head of strategy and market expansion at valU, said this “strategic investment” in Kiwe came as a natural step to further bolster his firm’s portfolio of financial services by extending more innovative solutions to 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,” he said.
“With its unique offering and simplified, engaging user experience, Kiwe will greatly benefit from leveraging our vast and ever-growing network of vendors. Hence, this is an investment that promises growth for all. We believe we can create more innovative financial solutions that unlock many opportunities for us and our users, creating long-term value for the people who rely on our services every day to improve their lives, grow their businesses, and positively impact their communities.”
