The leading Egyptian payment platform Fawry has announced the acquisition of a minority stake in Sudan’s largest online classifieds marketplace, Alsoug.
The investment is Fawry’s first outside Egypt and the first foreign investment in the technology sector in Sudan in more than 25 years since the country was isolated from the international market.
The fintech company committed an undisclosed amount in a $5-million investment round alongside other investors. It considers the investment one of Sudan’s most exciting prospects and a Sudanese leader in tech innovation.
“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,” said Fawry Founder and CEO Ashraf Sabry said. “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 is one of Africa’s few tech unicorns and Egypt’s largest e-payment network, founded in 2008.
The company processes more than 3.069 million financial operations daily, serving over 29 million customers and connecting all of Egypt’s banks. Its services include collection services, customer acquisition, electronic cash, payment facilitation and B2B collection centers.
Alsoug is a Sudanese startup that allows consumers to buy and sell products and services online, including real estate, furniture and electronics.
Following the acquisition, Fawry will support Alsoug in building out its new fintech platform, Cashi, which will help integrate new merchants and generate the information needed to continue its development strategy.