Fawry has announced an investment into alsoug.com, Sudan’s largest Classifieds, and Marketplace Platform. This is its first overseas venture capital investment by Fawry outside its Egypt home market.
The deal involves the acquisition of a strategic minority stake in alsoug.com/Cashi holding company wherein the investment will be channeled towards the development of a new fintech platform Cashi. This $5m round will help the company’s catalyzing the involvement of other strategic western venture capital players.
As a strategic investor Fawry will leverage its long track record with white label technology solutions to assist the platform to scale and enhance the platform’s merchant acquisition operation while refining its go-to-market approach and offering valuable insights that inform high-level strategies across all other businesses segments.
Fawry is an e-payment solution provider and digital banking service provider. It was back in September when Fawry invested in Brimore, an Egypt social commerce startup. Fawry has established a strategic partnership with the Sudanese consumer platform with an eye to scaling up its payments technology platform beyond Egypt