{"id":661187,"date":"2025-02-24T00:00:00","date_gmt":"2025-02-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/24\/fawry-acquires-majority-stake-in-virtual-cfo\/"},"modified":"2025-02-24T00:00:00","modified_gmt":"2025-02-24T00:00:00","slug":"fawry-acquires-majority-stake-in-virtual-cfo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/24\/fawry-acquires-majority-stake-in-virtual-cfo\/","title":{"rendered":"Fawry acquires majority stake in Virtual CFO"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">M&A WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Fintech gian<\/strong><strong>t Fawry has acquired a 56% stake in <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/vcfoeg\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">Virtual CFO<\/a><\/strong>, a financial services and accounting firm catering to SMEs and startups, Virtual CFO CEO Ahmed Farouk said during a <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2025\/02\/23\/1871212\" style=\"\" rel=\"noopener\">presser<\/a>. Fawry will not take over management despite its controlling stake, Farouk said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember- <\/strong>The move is part of Fawry\u2019s wider push to snap up stakes in startups that offer complementary services. Earlier this month, CEO Ashraf Sabry <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5cfa14e5-cb09-4b16-9af3-48a4c9697aa1\/sokhna-industrial-zone-to-welcome-new-factories-with-usd-3-mn-in-investments\" style=\"\" rel=\"noopener\">announced<\/a> that the fintech player acquired a majority stake in local hospital and medical institutions manager Code Zone.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">EDUCATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Twelve new national universities incoming:<\/strong> The Supreme Council of National Universities approved establishing 12 new national universities named Cairo, Kafr El Sheikh, Sohag, Damanhour, Suez, Damietta, Ain Shams, New Valley, Fayoum, Tanta, Luxor, and Sadat City National University, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/share\/p\/1EkZrnxz1u\/\" style=\"\" rel=\"noopener\">statement<\/a>. The new universities will open their doors for the 2025-2026 academic year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">TRANSPORT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Uber ey<\/strong><strong>es monorail integration: <\/strong>Uber Egypt is in talks with the government to integrate the monorail network into its platform to allow users to check and book monorail rides through the Uber app, General Manager of Uber Egypt Youssef Abouseif told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a3%d9%88%d8%a8%d8%b1-%d9%85%d8%b5%d8%b1-%d8%aa%d9%81%d8%a7%d9%88%d8%b6-%d8%a7%d9%84%d8%ad%d9%83%d9%88%d9%85%d8%a9-%d9%84%d8%af%d9%85%d8%ac-%d8%ae%d8%b7%d9%88%d8%b7-%d8%a7%d9%84%d9%85\/\" style=\"\" rel=\"noopener\">Al<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a3%d9%88%d8%a8%d8%b1-%d9%85%d8%b5%d8%b1-%d8%aa%d9%81%d8%a7%d9%88%d8%b6-%d8%a7%d9%84%d8%ad%d9%83%d9%88%d9%85%d8%a9-%d9%84%d8%af%d9%85%d8%ac-%d8%ae%d8%b7%d9%88%d8%b7-%d8%a7%d9%84%d9%85\/\" style=\"\" rel=\"noopener\">Mal<\/a>. The initiative aims to enhance public transportation options in the new capital and its surrounding areas.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PLUS- Twelve new national universities incoming<\/p>\n","protected":false},"author":1,"featured_media":661188,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[7209],"tags":[111,73,72,519,183,207],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-661187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-education","tag-enterpriseam","tag-fawry","tag-fintech","tag-transport","wpautop","entry"],"acf":{"mongo_id":"a3112935-1c04-4bdd-9e6e-a18688f0d0e0","order":"13","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/423.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fawry acquires majority stake in Virtual CFO","related_issue":[661165],"teaser":"PLUS- Twelve new national universities incoming","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.abea0588-313a-46d6-885a-d4e508b1ca0e.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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