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- Fawry has recently invested EGP 80 million in three Egyptian tech firms to expand its “Fawry Business” suite.
- The step strengthens Fawry’s position in financial management and business automation services.
- This investment aligns with the broader push for digital transformation and a cashless economy.
Fawry, an Egypt-based fintech company, has invested $1.5 million in three Egyptian technology companies. It acquired majority stakes, 51.0% in Dirac Systems, 56.6% in Virtual CFO, and 51.0% in Code Zone. This step is part of the efforts to expand its “Fawry Business” suite.
The company plans to enhance its business solutions offering, particularly in enterprise resource planning, financial management, and business automation services. With this acquisition, the company will continue to provide comprehensive digital services for businesses of all sizes.
The Companies Involved
- Dirac Systems: It specializes in enterprise resource planning and provides tools that streamline operations across industries.
- Virtual CFO which offers financial and accounting services for small and medium enterprises and startups. It focuses on cash flow management, tax compliance, and digital invoicing.
- Code Zone: A company that develops business management software and focuses on the healthcare sector.
Digital Transformation
Fawry’s investment reinforces its role as a one-stop digital business solutions provider and aligns the push for digital transformation.
“This move reflects the role of Fawry Business in empowering companies with cutting-edge financial solutions, driving efficiency, and enhancing digital transformation efforts.”
Eng. Ashraf Sabry, Chief Executive Officer of Fawry.
The CEOs of the acquired companies also highlighted the benefits of joining forces with Fawry. They see this investment as a milestone for scaling their services and enhancing their business efficiency.
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