Cairo: valU, MENA’s leading buy-now, pay-later (BNPL) lifestyle-enabled fintech platform, today announced its investment in Hoods, the Middle East’s first and leading live entertainment trading platform. valU’s investment aims to capitalize on Hoods’ unique platform to break into the fast-growing virtual shopping space and diversify its offering to both new and existing valU customers and retailers. The investment in Hoods comes just two months after valU announced its acquisition of Paynas, a full-fledged employee administration and benefits company providing financial services to micro, small and medium-sized enterprises (MSMEs), as well as valU’s recent acquisition of a minority stake in Kiwe , the first social payment app for youth, facilitating entry into the unbanked segment in Egypt.
Hoods Live Shopping Platform offers an innovative and easy-to-use shopping experience that is one of a kind and has proven successful in attracting a large and growing customer base. By building a digital application that brought the provider, content creator and buyer into one platform to interact and execute retail transactions in a fun way through a seamless experience. Hoods has transformed the way consumers shop online by allowing shoppers to view the products they want in an engaging, live format.
On a global scale, especially post-pandemic, virtual shopping is fast becoming a preferred method for customers to purchase items online. Hoods uses videos created by individuals with creative content to create unique and entertaining product presentations for customers, unlike traditional e-commerce. By providing consumers with a platform where they can connect with influencers and brands to see their desired products come to life, Hoods has positioned itself as a unique omnichannel solution that delivers real-world shopping experiences at the speed and Convenience of e-commerce connects.
Commenting on the investment is valUs Head of Strategy and Market Expansion, Habiba Naguib, “This investment in Hoods is a testament to valU’s focus on partnering with unconventional marketplaces, platforms and companies that align with our vision, which is focused on building forward-thinking solutions across our digital ecosystem that are truly focused on seamless and to create convenient, value-added experiences into people’s daily lives across the board. By opening up this exciting space, we gain access to Hoods’ technology and community, allowing us to offer them convenient financing solutions while they shop online. In the meantime, we are enabling valU’s extensive merchant network to be featured on Hoods’ live shopping platform, which will drive demand and give valU’s customers access to a disruptive platform that will enhance their shopping experience.”
The transaction is consistent with valU’s commitment to invest in companies that support its mission to improve consumer lifestyles. The transaction will also allow valU to further execute on its strategy of giving people and businesses access to the tools and finance they need to build better lives and businesses, while staying true to our commitment to financial inclusion at heart and for the long term Creating value and positive impact in the communities the company continues to serve.
Also commenting on the transaction is Hoods founder Mostafa Hanafy, “Our passion stems from our innate drive to create valuable, life-changing experiences that shape and create markets. As such, we are very excited to be partnering today with a leading fintech player like valU to enhance Hoods’ consumer offering and expand its customer base. valU’s investment has further strengthened our confidence in the attractive future of the virtual shopping room. By creating changes in this ecosystem, we have built a new market that has created new and exciting experiences for our customers. valU’s investment will also allow us to accelerate our growth plans and have more impact in the market.”
Hoods co-founder, Waleed Ghalwash, also praised the transaction, saying, “We have built a platform that uniquely blends shopping and entertainment into a rich experience that offers both the convenience and excitement of live entertainment through a robust e-commerce platform.” We ensure that the products are delivered to the customers’ doorsteps quickly and with as little fuss as possible. This unique partnership with valU will enable us to offer a payment solution that excels in affordability and will continue to enhance our consumers’ shopping experience.”
valU, a subsidiary of EFG Hermes Holding founded in 2017, is the leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform offering convenient and customizable financing plans up to 60 months term. With more than 5,000 points of sale and over 330 websites, valU provides access to a broad network of retail and e-commerce suppliers in a variety of categories including home appliances, electronics, interior design, furniture, solar solutions for home, healthcare, education, travel and fashion, among other things. As the first platform of its kind in the MENA region, valU customers can get instant credit decisions through their devices and gain access to the partners of the ever-expanding platform.
For more information please contact:
The PR team of EFG Hermes Holding
Mai El Gammal
Group Chief Marketing & Communications Officer of EFG Hermes Holding
hoods is a platform for entertainment and online shopping through videos and live broadcasts. It uniquely blends shopping and entertainment into one compelling experience, combining the convenience of robust e-commerce with the excitement of live entertainment, offering international and local products with multiple payment methods to cater to every shopping experience.
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