Fawry, an Egypt-based FinTech and E-payment solutions provider, is now undoubtedly on a journey to invest in startups both in Egypt and internationally across several industries. Following investments in tech-enabled delivery platform Bosta last year, fast-growing F&B platform Elmenus early this year, and most recently in Brimore, a social commerce marketplace, the company’s next stop is Sudan, where it has led a $5 million funding round in alsoug.com, Sudan’s largest online classifieds platform and marketplace.
“This investment marks a significant milestone not just for alsoug, but for the nascent tech space in Sudan as a whole, which has until today been essentially shut out of the global capital markets. I hope this investment is the first of many and that the huge potential of the tech sector in Sudan is fully realized in the coming years. We are looking forward to working with Fawry, and our new strategic shareholders, to continue our expansion from the classifieds and marketplace space into payments. We will build a payments platform that will deliver financial inclusion to all Sudanese,” Alsoug co-founder and CEO Tarneem (Nina) Saeed said.
The investment will help build out alsoug’s new fintech platform, Cashi.
Why Fawry Invested
This is Sudan’s first venture capital funding round. The presence of Fawry catalyzed participation from other major Western VC players, assuring the success of the USD 5 million round. As a strategic investor in alsoug, Fawry plans to use its extensive experience with white label technology solutions to help the platform scale up by improving its merchant acquisition operation, refining its go-to-market strategy, and providing valuable insights that inform high-level strategy across all business segments.
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“We’re delighted to be kicking off our partnership with alsoug, one of Sudan’s most exciting prospects and a Sudanese leader in tech innovation. This is our first investment foray outside of Egypt in our thirteen years of operation, and we’re confident that our story with alsoug and Cashi will be a special one. Fawry’s investment in alsoug delivers on our plans to venture into underserved international markets by leveraging our technology and teaming up with strong local players. This investment will provide us the opportunity to strategically expand our footprint into Africa and transfer the experience we’ve gained in the dynamic Egyptian market to neighboring Sudan, an economy with major potential across several sectors and with a significant pool of entrepreneurial talent. Meanwhile, Fawry’s strategic partnership with alsoug leaves it ideally placed to help guide the platform’s rollout of a countrywide payments system, a feat which Fawry has already managed through a scalable, robust, and best-in-class technology platform,” Fawry CEO Eng. Ashraf Sabry said.
Fawry, Egypt’s largest e-payments platform, was founded in 2008 to serve the country’s banked and unbanked communities. Fawry’s main services include electronic bill payment, mobile top-ups, and provisioning for millions of Egyptians. E-ticketing, cable TV, and a variety of other digital services are also available. Fawry’s peer-to-peer concept allows businesses and SMEs to take electronic payments using a variety of channels, including websites, mobile phones, and point-of-sale terminals.
A Look At What asloug Does
Alsoug, Sudan’s leading consumer internet platform and largest digital marketplace, was founded in 2016 by a world-class team of technology entrepreneurs. Alsoug, a platform where sellers may post everything from real estate and vehicles to services and commodities, is one of Sudan’s most popular apps on the Google Play app store, with two million downloads.
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Despite the political and economic challenges facing Sudan as it undergoes a transformative political transition, the platform has grown rapidly since 2016, owing to alsoug’s highly skilled in-house developers, extensive coverage by its on-the-ground teams, and Sudan’s promising economic fundamentals. Alsoug will considerably increase its service offering in the future, establishing a new payments network capable of serving consumers across Sudan, one of the largest countries on the African continent, and building on its strategic cooperation with Fawry.
Fawry classifieds marketplace asloug Fawry classifieds marketplace asloug
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