Fawry, Egypt’s fintech unicorn, has invested EGP 80 million ($1.6 million) to acquire stakes in three Egyptian tech firms: Dirac Systems (51%), Virtual CFO (56.6%), and Code Zone (51%). This move aims to strengthen its B2B fintech vertical, Fawry Business.
Dirac Systems, specializing in enterprise resource planning (ERP) solutions, counts large retail chains like Coca-Cola among its clients. Virtual CFO offers financial management services for startups and SMEs, while Code Zone enhances Fawry’s technological capabilities.
Fintech companies in Africa, like Fawry, are increasingly targeting enterprise clients over consumers. This strategic shift is evident in various moves such as Flutterwave focusing on enterprise and remittances and Stitch acquiring ExiPay for offline payment infrastructure.
Fawry’s revenue drivers include banking services, financial solutions for SMEs, and supply chain digitization. The company’s recent acquisitions align with its goal to expand services to large and small enterprises and financial institutions.
Despite a minor decline in market performance, Fawry’s focus on enterprise services reflects its strong growth potential. The company’s market cap stands at EGP 26.49 billion ($523 million), solidifying its position as a key player in Egypt’s fintech industry.