Fawry for Banking and Payment Technology Services S.A.E, an Egypt-based e-payments company, will raise $50.9million capital via rights issues to existing shareholders. The proceeds of the raise will be used to fund future expansions in financial service for customers and merchants. This offering will not only fund MyFawry’s offering but also position the company to take advantage of Egypt’s SuperApp opportunity.
Fawry will continue to invest in its ability to acquire merchants, particularly supply chain solutions. Fawry will use some of the proceeds to execute its investment strategy, support high-growth startups, and fintech. This complements Fawry’s offerings in logistics, ecommerce, fintech services and other verticals.
Fawry’s board (including main directors), representing main shareholders, has approved the proposal to raise capital to finance company growth.