Klivvr, an Egyptian fintech startup launching a holistic digital financial solution, has signed an agreement with Visa, the world’s leader in digital payments, as part of an exclusive long-term strategic partnership to launch Klivvr’s financial services in early 2022.
Under the agreement, Klivvr will leverage Visa’s global payment network for their physical and digital cards, which will be accompanied with a financial lifestyle companion application. Working together, the companies will be able to deliver convenient, secure, and transparent financial solutions for the Egyptian market. The partnership will implement a dual-phase plan: the first will be directed towards serving consumers while the second will be focused on small merchants, startups, and SMEs. This agreement reflects both partners’ commitment to accelerating digital commerce in Egypt and offering innovative, customer-centric financial solutions.
This move aligns with the increased adoption and preference for digital payments. Visa’s latest Stay Secure survey shows that consumers in the Middle East, including Egypt, prefer digital payments over cash because they find it more secure, faster, convenient, and widely accepted. There is also a growing trend of contactless payment adoption, which now represent at least a third of all face-to-face transactions in nearly 50 countries, according to Visa data.
“Visa is excited about this collaboration with Klivvr; we aim to power the financial lifestyle companion application with Visa’s payment credentials targeting consumers, SMEs and acquiring businesses. This partnership aligns with Visa’s strategy to provide value through enabling access to its global network and offering our technology capabilities to emerging players to innovate and expand the payments ecosystem.
For fintechs, Visa’s vast network is a key differentiator as it helps connect the dots in the landscape to create and enable new payment flows across digital and physical experiences,” said Malak El Baba, Visa’s Country Manager for Egypt. “Societies around the world have been challenged by the coronavirus outbreak, and many individuals and businesses are increasingly demanding more customized and seamless digital financial services. As a company, Visa is working hard, along with our partners including fintechs, Super Apps and Digital Banks, to facilitate fast, safe, convenient, and real-time payments. We’re seeing how COVID-19 has radically changed how we spend, send and use money,” she added.
“We are revolutionizing the way people and businesses access and manage their day-to-day finances. This partnership with Visa is instrumental in enabling Klivvr to become the partner of choice for customers seeking digital financial tools that align with their fast-paced lives in an ever-changing dynamic landscape,” said Onsi Sawiris, Chairman of Orascom Financial Holding (OFH) and co-founder and Managing Partner of HOF Capital.
“Here at Klivvr, we are constantly striving to find partners that can reinforce our goal of delivering a seamless experience and offering the best user journey,” said Mohamed Aboulnaga, co-founder and CEO of Klivvr. “Thus, we are thrilled to partner with Visa to complement our mobile app with physical and digital cards to give the greatest flexibility to our customers.”
