A key player in making Fawry one of Egypt’s greatest fintech successes, Mohamed Okasha is stepping away from the company to support other startups in the field.
After a decade of success and disruption, co-founder and managing director of Egypt’s Fawry, Mohamed Okasha, has announced that he will step down from his role to launch a $25 million fintech fund.
While little information has yet to be disclosed about Okasha’s new venture, it is believed that the fund will look to invest in Egyptian fintechs at various stages. Okasha has stated that we will remain as a Fawry board member.
Considered one of Egypt’s greatest fintech successes, Fawry offers over 500 different e-payment services, ranging from flight tickets to internet bills, which can be accessed at ATMs, post offices, kiosks and over 125,000 service points across Egypt. Okasha was the man behind the retail operations of Fawry and, in 2015, the startup was acquired by a consortium made-up of Helios Investment Partners, MENA Long-Term Value Fund, and Egyptian-American Enterprise, who gained 85% of the company at a reported valuation of $100 million.
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