Tech in Africa
Egypt e-payments firm Fawry for Banking and Payment Technology Services S.A.E will raise $50.9 million growth capital through rights issues to existing shareholders. Proceeds of the raise will fund future expansions in financial services for both merchants and customers. In addition to MyFawry’s offering, this offering will help position the company at the forefront of the SuperApp opportunity in Egypt.
Fawry will keep investing in strengthening its position on acquiring merchants particularly supply chains solutions. Some of the proceeds are then directed at executing Fawry’s investment strategy, fast-tracking innovation, supporting high-growth startups and fintech, and fintech complementing Fawry’s offering in logistics, e-commerce, insurtech, fintech services, and other verticals.
Fawry’s board of directors (including main directors) representing the company’s main shareholders have approved the proposal to increase the capital to finance the company’s growth in the event necessary shareholders and regulatory approvals get obtained.
Source: Press release
