(Ecofin Agency) - Egyptian e-payment and banking solutions provider Fawry has acquired a minority stake in the social commerce platform Brimore. The Egyptian unicorn founded by Ashraf Sabry spent 15.7 million Egyptian pounds ($1 million) on the acquisition.
The investment is part of an upcoming Series A round announced by Brimore. It will help Fawry strengthen its partnerships with high-potential technology companies in Egypt. The fintech company intends to support Brimore's growth, but also contribute to the country's digital ecosystem.
“Fawry’s investment in Brimore fully aligns with our strategic objectives of expanding Fawry’s digital ecosystem and establishing a foothold in Egypt’s booming e-commerce scene,” said Fawry CEO Ashraf Sabry.
“Our more than 230,000 strong merchant network is just one of the areas where lasting value will be created through this partnership. Moving forward, we aim to offer Fawry’s full suite of financial solutions to our partners at Brimore, their network of distributors, and their customer base... The company’s business holds great promise for spurring inclusive economic growth, where greater access to financial and business services enables small and micro enterprises to play a bigger role in the economy,” he added.
This deal comes four months after Brimore became part of Endeavour Egypt's network of high-impact entrepreneurs. In May 2020, the trading platform raised $3.5 million and has benefited from access to investor networks. The company has also secured financial support from Endeavour.