Egypt's pioneering electronic payment network Fawry announces its plan to raise EGP800 million ($51 million) of growth capital through a right issue to existing stakeholders and seeks to become the first Egyptian based company to be listed in the U.S. Founded in 2008 by Ashraf Sabry and Mohamed Okasha, the fintech company is based in Cairo and covers about 225,000 locations and is not slowing down on its expansion goals with major plans targeted at cementing its position as a super app beyond Egypt.
As an electronic payment platform, Fawry offers about 1,186 financial-related services to over 29 million customers through suitable and reliable means. Fawry has no intentions of settling with its present state as the company pushes for a listing in the U.S stock market in a bid to boost investors' interest in the company. A listing in the U.S stock market will give Fawry access to additional equity capital to meet its $51 million funding target. The company hopes to cash in on these investments to fund its strategic expansion goals for both consumers and merchants.
Exploring a listing in the American stock market will boost Fawry's profile against other E-payment businesses like 2checkout, Paypal, Paytab, and Payfort by giving Fawry a competitive edge in the market. Engineering a dominant place in Egypt Fintech space.
Egypt in focus:
Population: 102.3 million in 2020 as compared to 100.4 million in 2019
GDP: $363.1 billion compared to $303.1 billion in 2019
GDP per capita: $3,547 in 2020 compared to $3,019 in 2019
