Fawry Invests USD 1.5M to Expand Business Solutions in Egypt

Fawry, a leading fintech firm in Egypt, has invested EGP 80 million (about $1.5 million) in three Egyptian technology companies to enhance its "Fawry Business" suite. The investments secured majority stakes of 51.0% in Dirac Systems, 56.6% in Virtual CFO, and 51.0% in Code Zone, marking a significant step in expanding its business solutions, especially in enterprise resource planning, financial management, and business automation services.

This strategic move aims to bolster Fawry's offerings, providing comprehensive digital services that cater to businesses of varying sizes. It aligns with the national agenda for digital transformation and the promotion of a cashless economy.

The companies involved are:

Dirac Systems: Specializes in enterprise resource planning, offering tools that optimize operations across various industries.
Virtual CFO: Provides financial and accounting services tailored to the needs of small and medium-sized enterprises and startups, focusing on areas such as cash flow management, tax compliance, and digital invoicing.
Code Zone: Develops business management software with a particular focus on the healthcare sector.
Eng. Ashraf Sabry, CEO of Fawry, stated, "This move underscores Fawry Business's role in equipping companies with advanced financial solutions, fostering efficiency, and advancing digital transformation efforts."

The leadership of the acquired companies also expressed that partnering with Fawry represents a significant opportunity to scale their services and enhance business efficiency.