Egypt’s leading fintech company, Fawry, has announced strategic investments totaling EGP 80 million (US$1.6 million) in three local technology startups. This move aims to strengthen Fawry Business, the company’s growing suite of digital business solutions.
Fawry’s Latest Investments: Expanding Its Fintech Ecosystem
Fawry, Egypt’s largest e-payment platform since its launch in 2008, offers services such as electronic bill payments, mobile top-ups, and financial provisions. With this latest investment, the company has acquired majority stakes in the following startups:
Dirac Systems – A leader in Enterprise Resource Planning (ERP) software, providing businesses with advanced operational and financial management solutions.
Virtual CFO – A financial and accounting services firm specializing in digital bookkeeping, budgeting, and corporate financial planning.
Code Zone – A software development company known for creating innovative business management tools and tailored tech solutions.
Why This Investment Matters
These acquisitions position Fawry as a dominant player in Egypt’s fintech and technology sector, enabling it to offer:
✔ Seamless ERP and financial management tools
✔ Integrated digital payment solutions
✔ Advanced accounting and HR technologies
✔ Fintech innovations for SMEs and large enterprises
According to Ashraf Sabry, CEO of Fawry, these investments reinforce the company’s vision as a one-stop provider for digital business solutions.
> “This move highlights Fawry Business’s role in empowering companies with cutting-edge financial solutions, enhancing operational efficiency, and driving Egypt’s digital transformation,” said Sabry.
Industry Leaders Welcome the Deal
The startups involved in the investment also see this as a transformative opportunity. Mohamed Hamed, CEO of Dirac Systems, expressed enthusiasm about the partnership:
> “With Fawry’s support, we will scale our ERP solutions and help businesses of all sizes streamline operations, manage finances more effectively, and accelerate digital transformation.”
The Bigger Picture: Driving Egypt’s Cashless Economy
By acquiring and integrating these companies, Fawry is contributing to Egypt’s transition towards a cashless economy while fostering technological innovation across multiple industries.
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