A strong first quarter for Fawry: EGX-listed fintech giant Fawry saw its bottom line jump 149.1% y-o-y to EGP 307.1 mn in 1Q 2024. The company’s top line grew 60.9% to EGP 1.1 bn during the period, driven by “the expansion and diversification of the company’s business offerings,” according to its latest earnings release (pdf).

Growth across the board: Fawry’s banking services segment — which contributed more than 40% of the firm’s revenue for the quarter — saw its revenues jump 80.2% y-o-y to EGP 456.9 mn. It was followed by the alternative digital payments segment, which added EGP 354.8 mn to the company’s top line — a 27.8% increase from a year before. The financial services segment saw the highest annual growth, jumping 101.3% to EGP 174.2 mn, while revenues from supply chain solutions surged 70.4% y-o-y to EGP 75.6 mn during the same period.

Moving forward: “In February 2024, we acquired the SME financing license… This strategic move aligns seamlessly with our commitment to delivering cutting-edge technology and adaptable solutions, addressing the financial needs of SMEs in Egypt and supporting the government’s initiative to empower this vital sector,” said CEO Ashraf Sabry. Fawry also aims to introduce medical ins. for myFawry prepaid cardholders, as well as payout and payroll solutions customized for SMEs, and corporate cards for SMEs, he added.

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