Fawry, an Egypt-based FinTech and E-payment solutions provider, appears to be on a journey to invest in all Egyptian startups across different industries. After the company invested in the tech-enabled delivery platform Bosta last year and early this year in the fast-growing F&B platform Elmenus, it has returned to purchase minority shares valued at $1m in Brimore, a social commerce marketplace.
“Fawry’s investment in Brimore represents an important vote of confidence in the company and its business model, which reaffirms our belief in the transformative power of digital tools to revolutionize commerce in Egypt. Our platform has enabled tens of thousands of individuals across Egypt to start and grow profitable businesses with zero initial investment,” Brimore Co-Founder and CEO Mohamed Abdulaziz said.
Why The Acquisition
“We look forward with great anticipation to our journey with Brimore. 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. Our more than 230,000 strong merchant network is just one of the areas where lasting value will be created through this partnership,” Fawry CEO Eng. Ashraf Sabry said.
By investing in tech-innovative firms across Egypt, Fawry management has found many potential to encourage synergies and create integrative prospects. Last year,
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Fawry wants to integrate its payments and financial services products seamlessly into the Brimore platform, with additional collaboration planned with Fawry’s complementary verticals in the commerce and FMCG industries.
A Look At Both Companies
Fawry, which was founded in 2008, provides financial services to individuals and businesses through a range of channels, including the internet, ATMs, mobile wallets, and retail locations. Collection services, client acquisition, electronic cash, payment facilitation, and B2B collection centers are among Fawry’s commercial offerings. This investment will create a new synergy between the two firms, as Fawry uses its position as a strategic investor in Brimore to engage, assist, and drive growth at the company as well as in Egypt’s larger digital ecosystem.
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Brimore’s social commerce platform connects small and medium-sized manufacturers to a huge network of freelancing community distributors who sell and endorse products in their local communities. It was founded in 2017 by supply chain veterans Mohamed Abdulaziz and Ahmed Sheikha Brimore. The Cairo-based team assists producers in avoiding costly in-house production and distribution expenses, as well as minimizing their dependency on inefficient traditional distribution networks. SME manufacturers of primarily unbranded items get unparalleled market access through Brimore, allowing them to compete on a more level playing field with established industry giants.
Fawry Egyptian startups Fawry Egyptian startups
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer