Finance

Egyptian fintech Fawry makes first investment in Sudan

Wednesday, 13 October 2021 03:57
Egyptian fintech Fawry makes first investment in Sudan

(Ecofin Agency) - Egyptian fintech Fawry announced its first commitment outside Egypt. The African unicorn has acquired a minority stake in alsoug.com, Sudan's largest online classifieds and commerce platform.

The amount disbursed by the Egyptian company was not disclosed. However, Fawry was participating in a $5 million investment round for the benefit of the online commerce platform. The fintech will support alsoug.com in building its financial services platform, integrating new merchants, and generating the information needed to continue its development strategy.

"This investment marks an important milestone not only for alsoug.com, but also for the emerging technology space in Sudan. We look forward to working with Fawry and other strategic shareholders, continuing our expansion into the classifieds sector and the payments market," said Tarneem Saeed, CEO of alsoug.com.

According to Ashraf Sabry, CEO of Fawry, the Sudanese platform represents "one of Sudan’s most exciting prospects and a Sudanese leader in tech innovation."  Sudan is an underserved economy but has "major potential in several sectors, with entrepreneurial talent,” he said.

Fawry seeks to expand its footprint in Africa. The new deal comes less than a month after its investment in the Egyptian social commerce platform Brimore.

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