vaLU, Egypt’s buy-now-pay-later fintech platform, is investing in Hoods — the first live entertainment e-commerce platform in the Middle East.
With this investment, vaLU strives to tap into Hoods’ credentials to consolidate its presence in the rapidly growing virtual shopping space that is on track to becoming a favoured online purchasing method among Mena consumers.
Complementary to this, the move helps vaLU to broaden its offering.
valU’s head of strategy and market expansion, Habiba Naguib, said: “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 centred on developing trendsetting solutions across our digital ecosystem that truly focus on creating seamless and convenient experiences that add value to the daily lives of people across the board.
“By tapping into this exciting space, we gain access to Hoods’ technology and community, which allows us to offer them convenient financing solutions as they shop online. Meanwhile, we are enabling valU’s expansive merchant network to be featured on Hoods’ live shopping platform, which will drive more demand and provide valU’s customers with access to a disruptive platform that will elevate their shopping experience.”
Two months ago, valU acquired Paynas, an employee management and benefits company that supplies financial services to SMEs.
Founded in Egypt at the end of 2020, Hoods functions as a unified space where the vendor, content creator and customer meet to interact and seamlessly carry out retail transactions.
Hoods’ omnichannel solution allows shoppers to view their desired products in an engaging live format by connecting them with influencers and brands.
Founder of Hoods, Mostafa Hanafy, said: “Our passion stems from our inherent drive to create valuable, life-changing experiences that shape and create markets. Thus, we are very excited today to be partnering with a leading player in the fintech space like valU to elevate Hoods’ offering to consumers and to expand its client base. valU’s investment has further cemented our confidence in the attractive future that the virtual shopping space holds.
“By creating change in this ecosystem, we have built a new market, that has created new and exciting experiences for our clients. The investment by valU will also allow us to expedite our growth plans and achieve more impact in the market.”
