Key Factors
- The fintech big acquires stakes in Dirac Techniques, Digital CFO, and Code Zone to increase its enterprise options portfolio.
- New acquisitions strengthen Fawry’s ERP and monetary administration choices, supporting Egypt’s digital economic system shift.
- The corporate plans strategic progress within the Gulf whereas awaiting regulatory approval for cash transfers through MyFawry.
Fawry for Banking Know-how and Digital Funds (Fawry), a number one Egyptian fintech firm led by Ashraf Sabry, is increasing its footprint within the expertise sector with an EGP80 million ($1.6 million) funding in three Egyptian tech companies.
The corporate has acquired a 51 % stake in Dirac Techniques, which makes a speciality of Enterprise Useful resource Planning (ERP) and enterprise options. It additionally took a 56 % stake in Digital CFO, a monetary companies and accounting agency targeted on SMEs and startups, and a 51 % stake in Code Zone, a software program growth firm.
Sabry mentioned the acquisitions reinforce Fawry’s position as a complete digital enterprise options supplier. “By including ERP and monetary administration instruments to the ‘Fawry Enterprise’ suite, we’re integrating digital funds with superior accounting and HR techniques. This not solely helps Egypt’s push towards a cashless economic system but additionally helps companies—large and small—function extra effectively.”
Fawry expands fintech choices with mergers
The leaders of the acquired corporations welcomed the partnerships, describing them as priceless alternatives for progress. Dirac Techniques CEO Mohamed Hamed mentioned Fawry’s assist would assist the corporate increase its ERP options, making it simpler for companies to handle funds and operations in a single place.
Ahmed Farouk, CEO of Digital CFO, highlighted the deal’s potential to enhance enterprise effectivity, improve tax compliance, and strengthen Egypt’s broader enterprise ecosystem. Code Zone CEO Mohamed Youssef emphasised the position of innovation, saying the partnership would permit his firm to develop extra superior, customer-focused options.
Since launching in 2008, Fawry has turn out to be considered one of Africa’s largest fintech corporations, with backing from main shareholders such because the Nationwide Financial institution of Egypt, Banque Misr, Alpha Oryx UAE, the Egyptian American Enterprise Fund, and Hyperlink Holdco.
Fawry’s CEO, Ashraf Sabry, personally holds a 2.35 % stake within the firm, equal to 40,036,282 shares. Past Egypt, the corporate is increasing into Saudi Arabia and the UAE via strategic partnerships whereas getting ready to introduce cash switch companies through the MyFawry app, pending regulatory approval.
Fawry launches new platform, indicators pharma deal
Fawry has been ramping up its digital choices. Earlier this month, it launched Fawry Business, an built-in platform designed to simplify monetary operations throughout industries resembling manufacturing, retail, schooling, and healthcare. The platform allows companies to automate payroll, observe worker attendance utilizing geolocation, and handle bills extra effectively.
In one other transfer to strengthen its digital fee ecosystem, Fawry introduced a strategic partnership on Feb. 5 with PharmaOverseas, considered one of Egypt’s largest pharmaceutical distributors. The collaboration goals to reinforce digital fee options within the healthcare sector, aligning with Fawry’s broader mission to drive digital transformation and streamline monetary transactions for companies of all sizes.
