According to a statement released today, Wednesday, Valio for Purchase and Installment Services announced the acquisition of a minority investment in the company “Kiwi,” which specialises in the area of financial services technology.
The first social payment tool for young people in Egypt, Kiwi, makes it simple for them to pay and receive money electronically without having to deal with banks in order to achieve financial inclusion.
Additionally, the financial organisation Hermes IV is a shareholder in the startup. Microfinance Financial Technology Development by Jer Hermes.
According to Habiba Naguib, head of Palio’s strategy and market expansion division, investing in the “Kiwi” application fits into the company’s overall strategy to improve the range of financial products and services it offers by supplying more creative solutions for young people and small, medium, and microbusinesses.
As the “Kiwi” application intends to acquire money through first funding rounds over the ensuing months, the acquisition represents its first investment this year.
The “Kiwi” application for payment solutions is now a part of Valio.
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