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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.
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