Fawry acquires minority stake in Brimore

Fawry aims at strengthening its position as a strategic investor in Brimore

  
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
 

ArabFinance: Fawry for Banking Technology and Electronic Payment (FWRY) announced it has acquired a minority stake in Brimore, a social commerce platform, at a value of EGP 15.70 million, according to a press release.

This investment comes as part of Brimore’s upcoming Series A funding round, Fawry added.

This acquisition reflects progress regarding Fawry’s efforts in setting up strategic partnerships with “high-potential” tech companies.

Fawry aims at strengthening its position as a strategic investor in Brimore to encourage growth at the company and on a broader level regarding Egypt’s digital ecosystem.

Fawry is an Egypt-based company that provides an electronic payment network. The company allows users to pay bills in multiple channels, such as online, using automated teller machines, mobile wallets, and retail points.

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