Fawry becomes first Egyptian tech company to achieve USD 1 bn market cap

STARTUP WATCH- Fawry is officially Egypt’s first unicorn: EGX-listed e-payments firm Fawry became the first Egyptian tech company to hit a market cap of USD 1 bn on Monday after its share price reached intraday highs of EGP 22.69, former managing director Mohamed Okasha announced in a LinkedIn post. Fawry’s share price has increased by more than 300% since it debuted on theEGX last year, a rise that has accelerated in recent months as the use of its payment services skyrocketed during the lockdown. The company’s shares rose to EGP 23.74 at the close of play yesterday, giving it a market cap of USD 1.05 bn. The company’s success “will help the whole industry and will open more doors for fintechs to receive funds and make partial exits,” Okasha told Waya.