Fawry acquires stake in Sudanese fintech platform in first overseas venture

The investment will be used to develop alsoug’s new fintech platform, Cashi

  
The headquarters of Fawry Company "Online Payment Portal" are pictured in Cairo, Egypt, September 5, 2019. Image used for illustrative purpose.

The headquarters of Fawry Company "Online Payment Portal" are pictured in Cairo, Egypt, September 5, 2019. Image used for illustrative purpose.

REUTERS/Ehab Farouk
Cairo – Mubasher: Fawry for Banking Technology and Electronic Payment has completed an investment in alsoug.com, the largest online classifieds platform and marketplace in Sudan.

The investment will be used to develop alsoug’s new fintech platform, Cashi, as Fawry has acquired a strategic minority stake in alsoug.com/Cashi Holding company, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

This deal is Fawry's first venture capital investment outside the Egyptian market.

The investment comes as part of Sudan’s first announced venture capital funding round. Fawry played a leading role in ensuring the success of the $5 million funding round that witnessed participation from other strategic Western VC players.

During the first half (H1) of 2021, Fawry achieved profits of EGP 137.15 million, compared to EGP 85.9 million in H1-20, including minority shareholders' rights.

Source: Mubasher

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