Leading Egyptian fintech company Fawry has announced strategic investments worth EGP80 million (US$1.6 million) in three local tech startups to expand its ecosystem of business solutions, “Fawry Business”.
Founded in 2008, Fawry is the largest e-payment platform in Egypt, with services including enabling electronic bill payments, mobile top-ups and provisions.
The company has now invested in three companies, taking majority equity stakes in Dirac Systems, a leader in Enterprise Resource Planning (ERP) software; Virtual CFO, a specialised financial and accounting services provider; and Code Zone, an innovative software development company, known for creating advanced business management tools.
Through these strategic investments, Fawry continues to position itself as a leader in Egypt’s technology and fintech sector, offering a more robust suite of digital services to businesses while contributing to the growth and evolution of the country’s tech landscape.
“These investments reinforce Fawry’s position as a one-stop digital business solutions provider by expanding “Fawry Business” suite in ERP and financial management tools, seamless digital payment integrations with advanced accounting and HR solutions, and tailored fintech innovations for SMEs, and large enterprises,” said Ashraf Sabry, CEO of Fawry.
“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 he was thrilled to join forces with Fawry.
“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 organisations to enhance operational efficiency, streamline financial management, and accelerate their growth in an increasingly digital economy,” he said.
