Egypt's Fawry pumps its 1st foreign investment into Sudanese alsoug.com

CAIRO – 12 October 2021: Fawry for Banking Technology and Electronic Payments announced its success in concluding an investment deal with the platform "alsoug.com".

The company explained in a filing to the Egyptian Stock Exchange (EGX), that the deal comes within the framework of Fawry's participation in the first announced round of financing venture capital in Sudan.

alsoug.com is the largest digital platform for classified ads and e-marketing in Sudan.

It indicated that the deal will contribute to the development of the new financial services technology platform "Cashi", which is affiliated with the "alsoug.com" platform by investing in a non-controlling minority stake in the holding company "alsoug.com - Cashi", which is the first immediate investment outside the Egyptian market.

Fawry represented the pivotal pillar of the success of the mentioned venture capital financing round, amounting to $5 million.

Fawry for Banking Technology and Electronic Payment recorded 59.6-percent hike in its consolidated profits during the first half of 2021, reaching LE 137.15 million, up from LE 85.9 million during the same half of 2020.

Fawry operates within the software & services sector focusing on data processing & outsourced services. Fawry is based in Cairo, Egypt and was established in June 2008.