EFG Holding’s Valu to launch in Jordan in early 2024

EFG Holding’s Valu plans to launch in Jordan in early 2024 as part of its broader strategy to expand its footprint across the MENA region.

“The company has undertaken a comprehensive assessment and is actively considering entering new markets,” Valu said in a statement.

The financial technology firm said its expansion into Jordan is at an advanced preparation stage and comes after extensive groundwork and in-depth market research.

Valu will leverage its expertise in financial technology to deliver innovative and value-driven solutions to consumers and merchants in Jordan.

The company said has already taken the necessary steps to apply for a licence from the Central Bank of Jordan.

Valu has meticulously examined the market conditions and identified high-performing professionals including the firm’s CEO, who has already been on-boarded and comes with a wealth of extensive experience in the financial technology sector and a deep understanding of the local market.

The company has also been working on securing partnerships with numerous merchants in Jordan over the past 18 months. The partnerships are expected to serve as the foundation for Valu’s growth in the kingdom.

Valu exclude Saudi Arabia

Valu said it is excluding Saudi Arabia from its market expansion plan, adding that the decision is based on the recognition that the existing conditions in the market do not allow for the smooth implementation of its full suite of financial solutions flexibly.

Furthermore, the projected profitability timeline for the Saudi expansion does not fall within the company’s profitability strategy nor market expansion plans which were derived after examining the market over the past 15 months.

The company said it remains dedicated to sustaining its rapid growth and momentum in the MENA region and other markets.

New brand identity

Meanwhile, the company adopted a new brand identity in August, marking a pivotal shift in its brand architecture, as the company has evolved into a universal financial technology firm with a comprehensive suite of financial solutions beyond a buy-now, pay-later (BNPL) platform.

The rebranding is a key milestone in the fintech firm’s growth and transformation journey, which underscores the company’s commitment to serving its customer base better while expanding its reach.

The new brand identity reflects the company’s dedication to innovation and efficiency in serving a broader range of clients across various sectors.

The new brand identity embodies the company’s core values of responsibility, innovation, prioritising people and agility, while the revamped application offers an expanded range of services and solutions.

Valu issued EGP922.3m worth of securitised bonds in September, the fintech firm’s sixth securitised bond issuance and part of a short-term programme that is backed by a receivables portfolio assigned to EFG Hermes’ financial group for securitisation – the issuance’s special purpose vehicle.

Read: EFG Holding’s Valu issues EGP922.3m worth of securitised bonds