EFG Hermes-backed buy now pay later (BNPL) firm valU said it has partnered with Egyptian asset manager Azimut to launch a money market fund that will provide customers with flexible and convenient investment solutions featuring the market’s most competitive daily yields.
AZ valU Fund, as the fund is called, compounds interest daily, giving clients access to daily redemptions without locking capital up in long-term, fixed instruments. It is suitable for consumers looking for stable and low-risk returns.
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.
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% of their investment in the fund, the two companies said in a joint statement.
“Through this, we’re confirming to our clients that we are not only catering to their ever-growing financial needs but also expanding our product universe in step with them. The birth of the AZ valU Fund is yet another milestone in valU’s transformational growth story as we work to build an end-to-end lifestyle-enabling financial ecosystem,” said Walid Hassouna, CEO of valU.
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 while in the second phase, the AZ valU Fund will be available digitally through valU and Azimut apps.
Founded in 2017, valU has over 5,000 points of sale and over 550 websites that provide access to a vast network of retail and e-commerce providers across a diverse array of categories including home appliances and finishing, residential solar solutions, healthcare, education and travel.
