{"id":556149,"date":"2021-10-13T04:03:08","date_gmt":"2021-10-13T04:03:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/13\/fawry-makes-its-first-investment-outside-egypt\/"},"modified":"2021-10-13T04:03:08","modified_gmt":"2021-10-13T04:03:08","slug":"fawry-makes-its-first-investment-outside-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/13\/fawry-makes-its-first-investment-outside-egypt\/","title":{"rendered":"Fawry makes its first investment outside Egypt"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Fawry has finalized an unspecified<\/strong><strong><a href=\"https:\/\/www.egx.com.eg\/downloads\/News\/%d9%81%d9%88%d8%b1%d9%89%20%d8%a8%d9%8a%d8%a7%d9%86%20%d8%a7%d9%86%d8%ac%d9%84%d9%8a%d8%b2%d9%89%2012-10-2021.pdf\"><\/a><\/strong><strong>investment in Sudan\u2019s largest online<\/strong><strong> classifieds platform and marketplace<\/strong>, acquiring an undisclosed strategic minority stake in<a href=\"https:\/\/www.alsoug.com\/\"><\/a><a href=\"https:\/\/www.alsoug.com\/\">Alsoug.com<\/a> \/ Cashi\u2019s holding company. The transaction marks Fawry\u2019s first venture outside of Egypt, according to a <a href=\"https:\/\/www.egx.com.eg\/downloads\/News\/%d9%81%d9%88%d8%b1%d9%89%20%d8%a8%d9%8a%d8%a7%d9%86%20%d8%a7%d9%86%d8%ac%d9%84%d9%8a%d8%b2%d9%89%2012-10-2021.pdf\">statement (pdf)<\/a>. The investment is part of a USD 5 mn funding round, which Fawry co-led alongside a consortium of undisclosed Western venture capital firms.<\/p>\n<p><strong>It\u2019s actually the first venture capital round raised by a company in Sudan<\/strong> since international sanctions were lifted in 2020. The investment will go towards building out Alsoug\u2019s recently launched fintech platform<a href=\"https:\/\/www.alsoug.com\/en\/about\"><\/a><a href=\"https:\/\/www.alsoug.com\/en\/about\">Cashi<\/a> and develop its payments infrastructure. Fawry CEO Ashraf Sabry said that the company sees Sudan as an economy with \u201cmajor potential across several sectors and with a significant pool of entrepreneurial talent.\u201d<\/p>\n<p><strong>Founded in 2016, Alsoug.com is an online classifieds marketplace <\/strong>with nearly 2 mn downloads and includes listings of real estate, cars, electronics, furniture, in addition to services and job postings. Alsoug launched payment service provider Cashi in 2020 as a PayPay-like service provider. Cashi facilitates payment of \u201cutility bills, airtime top-up, government education services,\u201d as well as advertising on alsoug. Earlier this week, alsoug.com<a href=\"https:\/\/disrupt-africa.com\/2021\/10\/07\/7-african-startups-selected-for-inaugural-last-mile-money-accelerator\/\"><\/a><a href=\"https:\/\/disrupt-africa.com\/2021\/10\/07\/7-african-startups-selected-for-inaugural-last-mile-money-accelerator\/\">was selected<\/a> as one of eight startups to participate in the Last Mile Money Accelerator, a program managed by IDEO and funded by the Bill & Melinda Gates Foundation.<\/p>\n<p><strong>EGX-listed Fawry is Egypt\u2019s first and largest digital payments company <\/strong>with a market cap of c. USD 1.7 bn.<\/p>\n<p><strong>IN OTHER FINTECH NEWS-<\/strong> <strong>US-based Volante Technologies and MDSL will provide payment infrastructure<\/strong><strong> upgrade to an unnamed Egyptian bank:<\/strong> Cloud payments and financial messaging company <a href=\"https:\/\/www.volantetech.com\/\">Volante Technologies<\/a> and banking solutions company <a href=\"https:\/\/www.caleromdsl.com\/\">Calero-MDSL<\/a> have signed a contract with an unnamed \u201cmajor Egyptian bank\u201d to overhaul the institution\u2019s current payments infrastructure, according to <a href=\"https:\/\/www.volantetech.com\/news-events\/press-releases\/volante-and-mdsl-partner\">a press release<\/a>. Volante will be laying down the groundwork for the bank\u2019s new payments solutions, while MDSL will help manage transition and offer local support services. Neither the Egyptian bank nor the specific payments processing product in question were named in the group\u2019s release.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fawry has finalized an unspecifiedinvestment in Sudan\u2019s largest online classifieds platform and marketplace, acquiring an undisclosed strategic minority stake inAlsoug.com \/ Cashi\u2019s holding company. The transaction marks Fawry\u2019s first venture outside of Egypt, according to a statement (pdf). The investment is part of a USD 5 mn funding round, which Fawry co-led alongside a consortium [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7323],"tags":[204,72,519,183,126],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556149","post","type-post","status-publish","format-standard","hentry","category-fintech","tag-banking","tag-enterpriseam","tag-fawry","tag-fintech","tag-sudan","wpautop","entry"],"acf":{"mongo_id":"e7e54e59-7d2e-468c-b13e-17064df5ce26","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[556140],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fawry makes its first investment outside Egypt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/13\/fawry-makes-its-first-investment-outside-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fawry makes its first investment outside Egypt\" \/>\n<meta property=\"og:description\" content=\"Fawry has finalized an unspecifiedinvestment in Sudan\u2019s largest online classifieds platform and marketplace, acquiring an undisclosed strategic minority stake inAlsoug.com \/ Cashi\u2019s holding company. The transaction marks Fawry\u2019s first venture outside of Egypt, according to a statement (pdf). The investment is part of a USD 5 mn funding round, which Fawry co-led alongside a consortium [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/13\/fawry-makes-its-first-investment-outside-egypt\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-13T04:03:08+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/13\/fawry-makes-its-first-investment-outside-egypt\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/13\/fawry-makes-its-first-investment-outside-egypt\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Fawry makes its first investment outside Egypt\",\"datePublished\":\"2021-10-13T04:03:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/13\/fawry-makes-its-first-investment-outside-egypt\/\"},\"wordCount\":347,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"banking\",\"EnterpriseAM\",\"Fawry\",\"Fintech\",\"Sudan\"],\"articleSection\":[\"Fintech\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/13\/fawry-makes-its-first-investment-outside-egypt\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/13\/fawry-makes-its-first-investment-outside-egypt\/\",\"name\":\"Fawry makes its first investment outside Egypt - 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Abdel Gelil did not disclose further information about potential partners in Kuwait.This will be the second international\u2026","rel":"","context":"In &quot;Fintech&quot;","block_context":{"text":"Fintech","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/fintech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/9.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574730,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/20\/egypts-fawry-mulls-launching-emerging-tech-investment-arm-in-2021\/","url_meta":{"origin":556149,"position":1},"title":"Egypt\u2019s Fawry mulls launching emerging tech investment arm in 2021","author":"enterpriseam admin","date":"20 September 2020","format":false,"excerpt":"Egyptian e-payment giant Fawry is considering establishing a new company to invest in emerging technology startups and firms, CEO Ashraf Sabry told Al Mal. The company will complete feasibility studies for the venture this year, and decide on whether to launch in early 2021, Sabry added. Fawry has opted out\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561909,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/26\/cairo-angels-invests-in-kashat\/","url_meta":{"origin":556149,"position":2},"title":"Cairo Angels invests in Kashat","author":"enterpriseam admin","date":"26 April 2021","format":false,"excerpt":"Kashat has landed Cairo Angels\u2019 largest investment to date: VC firm Cairo Angels has made an undisclosed investment in our friends at Kashat, according to a press release (pdf). 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The money market fund, which is set to launch on 30 January, is being targeted at individual retail investors with an initial investment ticket of EGP 500.\u2026","rel":"","context":"In &quot;Fintech&quot;","block_context":{"text":"Fintech","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/fintech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/306.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570356,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/29\/fawry-md-resigns-to-set-up-usd-25-mn-fintech-investment-fund\/","url_meta":{"origin":556149,"position":4},"title":"Fawry MD resigns to set up USD 25 mn fintech investment fund","author":"enterpriseam admin","date":"29 March 2020","format":false,"excerpt":"MOVES- Fawry MD resigns to set up USD 25 mn fintech investment fund: Mohamed Okasha has resigned from his position as managing director of e-payments platform Fawry, according to a regulatory filing (pdf). 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