The Egyptian fintech trailblazer has just become the first tech company in Egypt to be valued at a billion dollars.
Cairo-born e-payment solutions company Fawry has now amassed a market cap of over $1 billion, according to menabytes. The Egyptian fintech giant has propelled itself from a disruptive startup ushering in streamlined electronic payment into a household name that’s renowned both locally and regionally.
Fawry is now the first tech company in Egypt to be valued at a billion dollars. This was accomplished due to a share price increase during intraday trading to EGP 22.69, which totals its market cap to EGP 16 billion ($1 billion). Recently, the fintech trailblazer also raised its capital by EGP 400 million ($25 million) to finance a variety of product development and regional expansion in the UAE, which will help Fawry establish its infrastructure in the GCC.
The pandemic has caused many investors and VCs to put their capital into fintech, allowing for the industry to rank first in terms of number of startup deals in H1 2020, according to MAGNiTT—a surge echoed in Fawry’s stock prices. Stock prices were faltering up until March, then saw a rise corresponding with a time when demand for contactless payment has never been more prevalent.
Established in 2008 by Ashraf Sabry and Mohamed Okasha, Fawry remains the only tech provider offering over 250 electronic payment services through its network of over 105,000 services points across 300 cities in Egypt, spanning mobile wallets, ATMs, retail shops and little vendor kiosks, as well as their popularly used online payment gateway that allows online businesses and vendors to collect payments from their customers.
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