Fawry Invests US$1.6 Million In Three Egyptian Fintech Firms
The investments are part of the company's plan to expand its business solutions under Fawry Business.
Egypt-based fintech company Fawry has pumped US$1.6 million worth of investments into three Egyptian technology firms — Dirac Systems, Virtual CFO (VCFO), and Code Zone — to acquire a majority equity stake of 51 percent, 56.6 percent, and 51 percent, respectively.
The strategic investments are part of Fawry’s plan to expand its business solutions ecosystem under its Fawry Business Suite.
Founded in 2008, Fawry is Egypt’s leading electronic payment platform, offering electronic bill payments, mobile top-ups, and digital financial services. It went public on the Egyptian stock exchange (EGX) in 2019 and became the country’s first fintech unicorn in 2020.
Dirac Systems, established in 2014, provides enterprise resource planning (ERP) software and business automation solutions. Meanwhile, Virtual CFO, founded in 2019, offers financial and accounting services for SMEs and startups, supporting financial operations, compliance, and cash flow management. Code Zone, which was established in 2010, develops business management tools, including customer relationship management (CRM) solutions, human resources (HR), and financial management solutions, with a focus on the healthcare sector.
In a statement, Ashraf Sabry, CEO of Fawry, said, “These investments reinforce Fawry’s position as a one-stop digital business solutions provider by expanding the Fawry Business suite in [enterprise resource planning] (ERP) and financial management tools, seamless digital payment integrations with advanced accounting and HR solutions, and tailored fintech innovations for SMEs and large enterprises. This move also reflects the role of Fawry Business in empowering companies with cutting-edge financial solutions, driving efficiency, and enhancing digital transformation efforts. Moreover, it reflects Fawry’s confidence in Egyptian technology companies and local talent. By integrating these companies into its ecosystem, Fawry aims to support Egypt’s digital transformation and cashless economy initiatives while driving technological innovation across multiple industries."
Mohamed Hamed, CEO of Dirac Systems, said, “We are thrilled to join forces with Fawry, a market leader in digital payments and financial solutions. This investment marks a significant milestone for Dirac Systems, enabling us to scale our ERP solutions, and expand our impact on businesses of all sizes. Together, we will provide fully integrated digital solutions that empower organizations to enhance operational efficiency, streamline financial management, and accelerate their growth in an increasingly digital economy.”
Ahmed Farouk, CEO of VCFO, stated, “The strategic alliance with Fawry will deliver comprehensive, integrated solutions for managing financial operations, cash flow, and accounting, including seamless electronic invoicing for shared clients. This partnership is set to drive significant positive impacts, enhancing business efficiency, strengthening the tax system, and contributing to the overall growth of Egypt’s business ecosystem.”
Mohamed Youssef, CEO of Code Zone, added, “The investment aims to enhance innovation and technological excellence by integrating Code Zone’s expertise in software development with Fawry’s leadership in electronic payments. Together, we seek to develop advanced solutions that meet customer expectations, offering comprehensive and integrated platforms that seamlessly combine technology and innovation.”
