Fawry Invests $1.6 Million in Three Prominent Egyptian Fintech Startups
Fawry, Egypt’s leading electronic payment platform, has announced a significant investment of $1.6 million in three innovative fintech startups based in Egypt. This strategic investment aims to bolster Fawry’s growth and expansion within the fintech ecosystem, thereby enhancing the suite of services offered under its “Fawry Business” platform.
Details of the Investment
The investment, totaling EGP 80 million, includes acquiring majority stakes of 51.0% in Dirac Systems, 56.6% in Virtual CFO, and 51.0% in Zone Code. Each of these companies brings unique technological solutions that align with Fawry’s ambition to enhance its digital financial services and support businesses across various sectors.
About the Startups
Dirac Systems specializes in providing tailored Enterprise Resource Planning (ERP) software solutions, facilitating streamlined business operations across multiple industries. Its innovative approach allows businesses to optimize their processes and improve overall operational efficiency.
Virtual CFO is dedicated to assisting small and medium-sized enterprises (SMEs) and startups in managing their financial operations effectively. It focuses on compliance, cash flow management, and financial strategy, helping these businesses navigate the complexities of modern finance.
Zone Code, on the other hand, is an innovative software development firm recognized for creating advanced management tools. Among its offerings are solutions for customer relationship management (CRM), HR, and financial management, particularly tailored for the healthcare sector.
Fawry’s Growth Strategy
According to Eng. Ashraf Sabry, CEO of Fawry, this investment is pivotal in fortifying Fawry’s position as a provider of comprehensive digital business solutions. By integrating these fintech companies into its ecosystem, Fawry aims to enhance its offerings in financial management tools, seamless digital payment solutions, and accounting innovations for both SMEs and larger enterprises.
Statements from Executives
Eng. Mohamed Hamed, CEO of Dirac Systems, expressed excitement about the partnership, stating that this alliance would enhance their ability to deliver integrated digital solutions aimed at improving operational efficiency and supporting growth within the digital economy.
Ahmed Farouk, CEO of Virtual CFO, highlighted the expected positive impacts of this collaboration on improved business efficiencies and enhanced tax compliance, which will contribute to the overall growth of Egypt’s commercial ecosystem.
Lastly, Eng. Mohamed Youssef, CEO of Zone Code, emphasized that the partnership with Fawry will synergize their software development capabilities with Fawry’s leadership in digital payments, aiming to create comprehensive and innovative solutions that meet customer demands efficiently.
Conclusion
This investment represents a significant step towards fostering innovation and advancing Egypt’s fintech landscape. Fawry’s commitment to nurturing local talent and integrating cutting-edge technology into its services not only benefits the partnered startups but also strengthens the overall economic growth of the region.