Valu Partners with Flash, a Fast-Growing Cashless Aggregator that Provides a Convenient QR Code Payments Solution
Cairo, October 1, 2024
Valu, MENA’s leading universal financial technology powerhouse, announced today a partnership with Flash, an Egyptian cashless payments Fintech company, which provides QR code – based payments solutions as an aggregator, to enhance the digital payment experience for customers and merchants in Egypt. This collaboration aims to streamline transactions and improve convenience by enabling Valu to be one of the payment solutions across Flash’s merchant network. Users can now pay for shipments with Valu both on delivery and in the app, as well as order from F&B vendors or any other industry using Valu as a payment method in store and on delivery.
Flash allows customers to make on-the-spot payments effortlessly using their phones, enabling merchants to accept payments digitally without having to invest in hardware devices and replacing POS devices with QR codes. By replacing traditional POS systems with QR codes (which are easier to carry around and eliminate POS maintenance costs and network issues), Flash supports all payment methods, including bank cards (credit, debit, prepaid) and digital wallets. Now, through this partnership, Flash merchants can offer Valu as a payment solution to their customers.
The partnership is set to boost Flash’s transaction volumes and further revolutionize digital payments in the region. Valu customers will also be able to conveniently pay for their shipments and online orders through Flash. Whether they are receiving a delivery or picking up a purchase in-store. Additionally, Valu customers can enjoy the flexibility of paying their Valu installments through Flash, making it even easier to manage their finances.
Motaz Lotfy, Senior Director of Business Development and Strategic Partnerships at Valu, commented, “We are extremely proud to be advancing digital payment solutions to our customers in Egypt. Having Flash – a fast-growing player in the cashless payment aggregator industry – on board our partner network will support us in streamlining our cashless payment solutions for our customers. The collaboration also aligns with our sustainability initiatives and will help merchants reduce all costs of physical cash collection. Valu is committed to empowering customers and merchants alike with flexible and accessible payment options, and together with Flash, we are excited to bring forward a seamless and flexible payment experience for all.”
Sherine Kabesh, Co-Founder of Flash, said, “We aim to help people become more conscious of their spending behavior by moving towards solutions that enable further digital and cashless payments. Our partnership with Valu will help give people this financial freedom, incorporating the added benefit of conducting purchases through flexible and convenient payment plans.”
Since its inception at the end of 2017, Valu has continued to revolutionize the Egyptian fintech landscape through its innovative offerings as part of its broader strategy to improve people’s quality of life and contribute to promoting financial inclusion across the country. Over the years, Valu has consistently pushed the boundaries of the market by introducing innovative and deeply integrated financial solutions. Today, Valu is a household name in Egypt; it plays a pivotal role in fostering financial empowerment and inclusivity within the market, extending its services to include investment products, an instant cash redemption program, and savings solutions through five unique verticals: U, Business, Akeed, Flip, and Invest.
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About Valu
Valu is the leading universal financial technology powerhouse offering customers and businesses convenient and comprehensive financial solutions. Under its product universe, Valu pioneered Buy-Now, Pay-Later (BNPL) solutions in the MENA region through U, providing customizable financing plans for up to 60 months across more than 6,500 points of sale and over 2,000 websites and apps – covering a diverse array of categories, including home appliances, electronics, home finishing, furniture, residential solar solutions, healthcare, education, travel, and fashion, among others. Valu also offers investment products, an instant cash redemption program, savings solutions, and a financing solution to facilitate the purchase of big-ticket items up to EGP 15 million in the luxury space through the AZ Valu fund and EFG Hermes ONE, Sha2labaz, Akeed, and Ulter respectively. In addition, Valu offers business-to-business solutions through Valu Business. Valu had recently introduced its prepaid card and co-branded credit card in collaboration with Visa. As an award-winning fintech player in the MENA region, Valu embraces a progressive mindset with an agile workforce committed to architecting innovative financial solutions.
For further information, please contact:
May El Gammal
Group Chief Marketing & Communications Officer of EFG Holding
melgammal@valu.com.eg
Omar Salama
Senior Communications Manager of EFG Holding
osalama@valu.com.eg
Valu Public Relations Team
Public_Relations@valu.com.eg
Note on Forward-Looking Statements
In this press release, Valu 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 Valu’s 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.
About Flash
Flash is an Egyptian fintech startup that raised USD 6 mn in seed funding in a round led by New York-based VC firm Addition. Founded in 2021 by two former Uber employees — Sherine Kabesh and Erik Gordon — Flash is a payment application offering users cashless payment solutions using scan and pay services that avoid the need for point-of-sale systems. It will allow consumers to pay for phone purchases by adding any existing bank card or digital wallet on the app once and scanning a QR code presented by a business, in-store or on-delivery.
