Fawry acquires stakes in 3 Egyptian tech companies for $1.6mln

Zawya

26-02-2025

Arab Finance: Fawry for Banking Technology and Electronic Payments has invested EGP 80 million in three major Egyptian tech firms, as per a statement released on February 26th.
The EGX-listed company acquired equity stakes of 51%, 56.6%, and 51% in Dirac Systems, Virtual CFO, and Code Zone, respectively.
This investment aligns with Fawry's growth strategy to scale its ecosystem of business solutions 'Fawry Business', in addition to contributing to developing the country's tech sector.
Dirac Systems is a leader in enterprise resource planning (ERP) software and business automation solutions. It provides tailored systems that streamline operations for businesses across industries.
Moreover, Virtual CFO enables SMEs and startups to conduct their financial transactions, compliance, and cash flow more effectively.
Code Zone is known for developing advanced business management tools, including solutions for CRM, HR, financial management, and enterprise operations for companies in the Healthcare sector.
On his part, Ashraf Sabry, CEO of Fawry, commented: 'These investments reinforce Fawry's position as a one-stop digital business solutions provider by expanding 'Fawry Business' suite in ERP and financial management tools, seamless digital payment integrations with advanced accounting and HR solutions, and tailored fintech innovations for SMEs, and large enterprises.'
'By integrating these companies into its ecosystem, Fawry aims to support Egypt's digital transformation and cashless economy initiatives while driving technological innovation across multiple industries,' Sabry added.
Meanwhile, Dirac Systems' CEO Mohamed Hamed highlighted: 'This investment marks a significant milestone for Dirac Systems, enabling us to scale our Enterprise Resource Planning (ERP) solutions and expand our impact on businesses of all sizes.
'Together, we will provide fully integrated digital solutions that empower organizations to enhance operational efficiency, streamline financial management, and accelerate their growth in an increasingly digital economy,' Hamed indicated.
Ahmed Farouk, CEO of VCFO, commented: 'This partnership is set to drive significant positive impacts, enhancing business efficiency, strengthening the tax system, and contributing to the overall growth of Egypt's business ecosystem'.
Finally, Mohamed Youssef, CEO of Code Zone, stated: 'We seek to develop advanced solutions that meet customer expectations, offering comprehensive and integrated platforms that seamlessly combine technology and innovation'.
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