Egypt’s Fawry Raises Capital by $25 Million
The local e-payment pioneer will redirect the fresh capital to bolster its portfolio of services, as well as start actioning expansion plans in the GCC.
Egypt-based e-payment solutions company, Fawry, is set to raise its capital by EGP 400 million ($25 million) to finance a variety of investment expansions for the regional fintech trailblazer.
These fresh funds will capitalise on the current market boom that has paved the way for fintech to become one of the most lucrative industries in the region. The capital increase will also see Fawry develop a myriad of mobile payment services, widening payment channels and advancing its integration of digital solutions.
The Cairo-born company is also mapping out a UAE expansion, a major milestone for the company that would usher in their extension of their payment infrastructure to the GCC. The company had previously run a trial phase in the UAE during summer 2019, to test the waters and prepare for its rollout of bill payments and its integration with bank services. Also in the works is expansion into Saudi Arabia and Kuwait, with a bank transfer service available for Egyptians based in the GCC.
