Simplified Tech News Reporting

Fawry Announces Intention To Raise $51m Via Right Issue, Explores US Listing

The Egyptian Fintech is the largest Egyptian digital transaction and e-payment platform.

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Fawry has announced plans to raise EGP800 million (US$51 million) of growth capital through a rights issue to existing shareholders, with proceeds to be used to fund a new chapter of expansions in financial services for both consumers and merchants.

The startup offers ways to pay bills and other financial services, including providing payment gateways, e-commerce solutions and microfinance solutions to consumers and businesses through more than 250,000 agents and a variety of channels.

The company listed on the Egyptian Stock Exchange in 2019, and subsequently became a “unicorn” as its valuation passed the US$1 billion mark in 2020. It has now announced plans to raise further capital, and explore a listing in the United States (US).

The EGP800 million will be used to expand the offerings on MyFawry to help position the company on the forefront of the super app opportunity in Egypt. It will also continue to invest in strengthening its position on merchant acquiring as well as supply chain solutions.

A portion of the proceeds will also be directed towards executing the company’s investment strategy, fast tracking innovation and supporting the budding ecosystem of high-growth startups and fintech that complement Fawry’s offering through e-commerce, logistics, fintech services, insuretech among other verticals. Fawry has become an active investor in Egyptian startups in recent years.




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