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01 June 2021
The partnership will see shoppers benefit from valU’s convenient financing plans to meet their lifestyle needs at all AZADEA F&A brands
valU
for Consumer Finance, the leading fin-tech buy-now pay-later platform (BNPL),
and AZADEA Group, a premier lifestyle retail company in the Middle East and Africa, announced today the
launch of a new partnership that will see AZADEA Group’s retail
outlets be included in valU’s roster of merchants as the partners work together
to meet their customers’ lifestyle needs.
Walid Hassouna,
EFG Hermes Finance CEO and Head of Debt Capital Markets said: “We are extremely pleased to announce this new
partnership with AZADEA Group, one of
the largest fashion retail conglomerates in Egypt and the Middle East. valU is
constantly looking to expand its network of partners across different sectors
to offer individuals access to the market’s leading brands without the full
payment burden as they benefit from an affordable and convenient shopping
experience that allows them to live the lifestyle of their choosing.”
Through valU’s mobile application, users can benefit
from the fastest approval process in the market, seamlessly conduct
transactions, and make purchases at any of AZADEA Group’s retailers with
convenient installment plans of up to 60 months. AZADEA Group’s retailers in Egypt span some of the largest global fashion
and home retail brands, including Zara Home, Massimo Dutti, Oysho, Reserved,
Zara, Bershka, Pull & Bear, Stradivarius, Virgin Megastore and Lefties
(launching this summer season).
Saif
Salem - Country Manager Egypt at AZADEA Group said: “We are delighted to be
partnering with valU to offer our customers the kind of broad-reaching service
offering they have come to expect of us. Delivering new and innovative experiences
is central to what we do at AZADEA Group, and with high demand for our brands in
Egypt coupled with the need for alternative financing, we believe this
partnership will be very well received by the market.”
In 2020, valU made great strides to expand its
offering in response to the COVID-19 pandemic, which bounded shopper purchasing
power. The company saw threefold growth throughout the year, with the number of
customers growing to over 170,000 users and hitting over 265,000 transactions
in excess of EGP 1.5 billion. valU’s mobile application also expanded its
partnerships, adding key retailers and e-commerce websites in numerous sectors
as well as venturing into new segments such as education, healthcare, among
others.
—Ends—
About valU
Established in 2017, valU is a
leading fintech solutions platform offering premium, customizable financing
plans. With more than 3,500 points of sale, valU offers access to a wide
network of retail and e-commerce across a diverse array of sectors including
residential solar solutions, education, travel, and home furnishings, among
others. As the first platform of its kind in the MENA region, valU customers
are able to receive instant credit decisions through their devices and gain
access to the platform’s partners.
For
further information, please contact:
EFG Hermes Media
May
El Gammal
Group Head of Marketing & Communications at EFG Hermes
About Azadea Group
Holding
About
AZADEA Group Holding SAL
AZADEA Group is a premier
lifestyle retail company in the Middle East and Africa. Since its inception in
1978, the Group has developed a substantial network of more than 600 retail
stores representing 35+ leading international brand names in fashion and accessories,
food and beverage, home furnishings, sporting goods, multimedia, and beauty
& cosmetics. With over 10,000 employees, AZADEA Group operates across 13
countries, including Algeria, Bahrain, Cyprus, Egypt, Ghana, Jordan, Kenya,
Saudi Arabia, Kuwait, Lebanon, Oman, Qatar, and United Arab Emirates, along with
an online retail experience website www.azadea.com.
For more information about AZADEA
Group, visit www.azadeagroupholding.com
Ziad Rawas
Regional Corporate Communications
Specialist at AZADEA Group
Note on Forward-Looking Statements
In this press release, EFG
Hermes may make forward looking statements, including, for example, statements
about management’s expectations, strategic objectives, growth opportunities and
business prospects. These forward-looking statements are not historical facts
but instead represent only EFG Hermes’ belief regarding future events, many of
which, by their nature are inherently uncertain and are beyond management’s
control and include among others, financial market volatility; actions and
initiatives taken by current and potential competitors; general economic
conditions and the effect of current, pending and future legislation,
regulations and regulatory actions. Accordingly, the readers are cautioned not
to place undue reliance on forward-looking statements, which speak only as of
the date on which they are made.