Fintech platform valU, Azimut partner to launch AZ valU Fund

Fintech platform valU and Azimut, the multinational asset manager, have partnered to launch AZ valU Fund, a money market fund.

The fund compounds interest daily, giving clients access to daily redemptions without locking capital up in long-term, fixed instruments, according to the company.

AZ valU Fund is aimed at consumers looking for stable, low-risk returns.

AZ valU Fund highlights

The fund invests in a roster of secure, high-liquidity assets with short- and medium-term tenors, ultimately generating competitive average daily returns for customers, according to a statement announcing its launch.

Clients can invest with no minimum or maximum restrictions and no transaction fees or commissions, with Azimut and valU clients being granted immediate access to valU limits worth up to 90 per cent of their investment in the fund.

Walid Hassouna, CEO of valU, said, “It gives us great pleasure to be offering the market this unique opportunity through Azimut, giving clients access to an investment product that grows their wealth and gives them the freedom to redeem returns any day should they need to.”

Ahmed Abou Elsaad, Egypt’s CEO of Azimut Egypt and head of Asset Management MENA & Turkey, commented, “Partnering with fintech powerhouse valU provides a new avenue for us to market our products and gives clients access to the platform’s convenient, innovative financial solutions tailored to their spending needs.

“The fund falls in line with Azimut’s strategy to offer investors a diversified product range catering to their needs and objectives by partnering with strategic players that make accessing those products simple and seamless for Egyptians.”

First and second phase

During the first phase of rollout, clients can subscribe to the AZ valU Fund at several valU branches across the country as well as Azimut’s Smart Village branch, where clients will only be required to fill out a form and provide their national ID.

During the second phase, the AZ valU Fund will be available digitally through valU and Azimut apps.

Customers can place funds in their Azimut account by using InstaPay, depositing cash at valU branches, or by depositing or transferring through any bank.

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In June last year, valU and the Alhokair Family entered into an agreement to acquire a 4.99 per cent stake in valU through a capital injection of $12.4m, signifying a valuation of $247.4m for the company.

The transaction came on the heels of valU’s entry into the Saudi market through FAS Finance, a joint venture (JV) with FAS Labs in which FAS Labs owns 65 per cent while valU owns 35 per cent.

Also read: FAS Labs, valU partner to offer digital consumer finance services in Saudi Arabia

ValU  has expedited FAS Finance’s ability to develop and scale a fully integrated shopping platform leveraging accessible digital financing solutions.

In Saudi Arabia, the solutions are available across Alhokair’s retail network of more than 1,000 stores, as well as online on Vogacloset and the monobrand websites, including 14 in Saudi Arabia. It also extends to other vendors, retail networks, and merchants to include and cover the entire Saudi market.