Hassouna’s transition “comes at a vital stage in the growth life cycle of valU where it will certainly benefit from increased independence.." explained Group CEO Awad
EFG Hermes’ Walid Hassouna is officially leaving his position as CEO of the company’s Non-Bank Financial Institutions (NBFI) platform to fully focus on its buy-now-pay-later (BNPL) platform valU as its CEO.
“The decision to appoint Hassouna as CEO of valU follows the remarkable success the brand has achieved in a short span of five years, becoming one of the fastest growing BNPL players in MENA,” explained a EFG Hermes in a statement.
valU has seen growing international investor interest. Amazon acquired $10 million worth of EFG Hermes’ London-listed global depositary receipts (GDRs), with an option to convert them into an equity stake in valU within 5 years. KSA’s Alhokair family acquired a 4.99% stake in the company, valuing the company at $247.4 million through its $12.4 million capital increase.
Hassouna’s transition “comes at a vital stage in the growth life cycle of valU where it will certainly benefit from increased independence in its pursuit of growing its footprint and capitalizing on the numerous opportunities in Egypt and beyond,” EFG Hermes Holding’s Group CEO Karim Awad said in the statement.
“Believing in the growth prospects within the BNPL market and the need for a dedicated leadership to expand valU's operations further, the management change also prepares valU for potential public or private equity offerings, in the medium term,” the company’s statement wrote.
