Fawry raises $50.8m to support its operations and to help startups to complement its offerings


Fawry will use part of the funds to support innovative high-growth startups and fintech with similar offerings offered by Fawry in ecommerce, logistics, fintech, and insurtech, among other verticals.

Egypt’s fintech firm, Fawry has announced plans to raise $50.8million (EGP 800 millions) of capital via rights issues to existing shareholders.

Fawry will use the investment to finance a new chapter in financial services, both for consumers and merchants. It will also increase its offerings on MyFawry which is one of the company’s products, and position the company at the forefront in Egypt’s Super App opportunity.

Fawry will invest further in its merchant acquisition and supply chain solutions. The proceeds will be used to execute the Company’s investment strategy and fast-tracking innovation. They will also support the budding ecosystem for high-growth startups, fintech, and insurtech that complement Fawry’s offerings through e-commerce and logistics.

Fawry’s board, which includes directors representing main shareholders (whether institutional investors or financial institutions) has approved the proposal for capital increase to finance company’s growth plans. This is subject to regulatory and shareholder approvals.

The board of directors approved the creation American Depositary Shares (“ADS”) program and is currently exploring the possibility of a US listing in connection to a secondary offering that might be registered with the SEC.

It is not known yet when, how many ADSs, and what the price of the proposed offering will be. Market conditions, shareholder approvals, and regulatory approvals are all required for the proposed offering. There is no guarantee that the offering will be completed on time or in the right terms.ed States.

Get latest news from African Startup ecosystem

Latest stories

You might also like...