Amazon Invests US$10 Million In Egypt-Based EFG Hermes; Subsidiary valU To Offer Its Consumer Financing Products On Amazon Egypt valU is a fully owned subsidiary of EFG Hermes, the leading investment bank franchise in frontier emerging markets.
By Entrepreneur Middle East Staff Edited by Aby Thomas
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Egypt-based valU Consumer Finance has entered into an agreement with American e-commerce giant Amazon to provide its consumer financing platform as a payment method on the latter's Egypt site.
As a result of this agreement, valU, a fully owned subsidiary of EFG Hermes, the leading investment bank franchise in frontier emerging markets, will make a few of its consumer financing products available to eligible customers on amazon.eg, which will see them being given the option to split the total cost of purchases into multiple payments by using valU.
EFG Hermes and Amazon have also entered into an agreement through which Amazon will acquire US$10 million in EFG Hermes global depository receipts (GDRs) with the option to replace that investment into valU at a later date.
Amazon's investment translates into a stake of 4.255% of the issued share capital of valU, based on its current post-money valuation of $235 million.
