A consortium of international financial investors have acquired a majority stake in Egyptian e-payments startup Fawry, a deal that that values the company at EGP773 million (US$99 million) and will see the company expand outside of Egypt.
Launched in 2009 and headquartered in Cairo, Fawry provides users with secure electronic bill presentment and payment services solutions. It processes over one million transactions each day and operates a network of over 50,000 collection points in 300 cities and suburbs across Egypt.
The investors are the Egyptian-American Enterprise Fund (EAEF), pan-African private investment firm Helios Investment Partners – which in January raised over US$1 billion for a third Africa-focused fund – and the MENA Long-Term Value Fund
The goal of the investment is to accelerate Fawry’s growth by enabling it to further increase the penetration of its financial services products in Egypt and expand internationally.
“We are excited to partner with our new shareholders to attain our shared vision of expansion, taking advantage of our leading market position and proprietary technology. The management team remain shareholders, demonstrating our confidence in the industry expertise and financial capabilities our new partners bring as we enter a new stage of growth,” said Ashraf Sabry, chief executive officer (CEO) of Fawry.
“The partnership with the consortium will enhance our opportunities to diversity the business and expand beyond the local market, on a regional level and elsewhere in Africa, and reflects the confidence of our investors in Fawry’s leadership in the electronic payment sector. Moreover, our ability to attract international investors underscores the compelling opportunity this sector presents as we continue to innovate and deepen financial inclusion in Egypt.”