Fawry deploys $1.6 million investment in three Egyptian fintech startups
Egypt-based fintech Fawry has invested $1.6 million in three Egyptian fintech companies, which are Dirac Systems, Virtual CFO, and Code Zone, acquiring equity stakes of 51.0%, 56.6%, and 51.0%, respectively.
Founded in 2008, Fawry is the largest e-payment platform in Egypt, with services including enabling electronic bill payments, mobile top-ups and provisions.
These investments align with Fawry's growth strategy by expanding its ecosystem of business solutions, 'Fawry Business.'
Press release:
Fawry, Egypt's leading fintech company, has announced strategic investments worth EGP 80 million in three prominent Egyptian technology companies, which are Dirac Systems, Virtual CFO, and Code Zone, acquiring equity stakes of 51.0%, 56.6%, and 51.0%, respectively. These investments align with Fawry's growth strategy by expanding its ecosystem of business solutions, 'Fawry Business." Through these strategic investments, Fawry continues to position itself as a leader in Egypt's technology and fintech sector, offering a more robust suite of digital services to businesses while contributing to the growth and evolution of the country's tech landscape.
Dirac Systems, A leader in Enterprise Resource Planning (ERP) software and business automation solutions, offering tailored systems that streamline operations for businesses across industries.
Additionally, Virtual CFO, a specialized financial and accounting services provider focused on helping SMEs and startups manage their financial operations, compliance, and cash flow more effectively.
And lastly, Code Zone, an innovative software development company known for creating advanced business management tools, including solutions for CRM, HR, financial management, and enterprise operations for companies in the healthcare sector.
Eng. Ashraf Sabry, Chief Executive Officer of Fawry, commented: 'These investments reinforce Fawry's position as a one-stop digital business solutions provider by expanding the '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. This move also reflects the role of Fawry Business in empowering companies with cutting-edge financial solutions, driving efficiency, and enhancing digital transformation efforts. Moreover, it reflects Fawry's confidence in Egyptian technology companies and local talent. 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."
Eng. Mohamed Hamed, CEO of Dirac Systems, commented: 'We are thrilled to join forces with Fawry, a market leader in digital payments and financial solutions. 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.'
Ahmed Farouk, CEO of VCFO, commented: 'The strategic alliance with Fawry will deliver comprehensive, integrated solutions for managing financial operations, cash flow, and accounting, including seamless electronic invoicing for shared clients. 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.'
Eng. Mohamed Youssef, CEO of Code Zone, commented: 'The investment aims to enhance innovation and technological excellence by integrating Code Zone's expertise in software development with Fawry's leadership in electronic payments. Together, we seek to develop advanced solutions that meet customer expectations, offering comprehensive and integrated platforms that seamlessly combine technology and innovation.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Wamda
3 days ago
- Wamda
CorroHealth invests in UAE's SANTECHTURE to advance AI-powered RCM
UAE-based healthtech SANTECHTURE has secured a "strategic" investment from US-based CorroHealth. Founded in 2019 by Anas Batikhi, SANTECHTURE, which now operates in Saudi Arabia, the UAE, India and Egypt, offers technology solutions to healthcare providers to enhance the overall experience for providers and patients. The investment formalises a two-year collaboration between the two companies, which have jointly piloted AI-driven RCM innovations for regional clients and co-hosted industry events, such as the Arab Health 2025 reception. In 2023, SANTECHTURE raised another investment from Gulf Capital (GC) and Shorooq Partners. Press release: Global healthcare technology company CorroHealth has made a strategic investment into Dubai-based pioneering revenue cycle management (RCM) intelligent technology solutions provider SANTECHTURE. The deal brings together the industry-leading AI capabilities of CorroHealth with the advanced RCM solutions of SANTECHTURE, equipping SANTECHTURE healthcare clients across the Gulf Cooperation Council (GCC) region with powerful new technology to maximise ROI. The investment formalises what has been a productive working relationship between the two companies. Over the past two years, CorroHealth and SANTECHTURE have successfully completed multiple proofs of concept for SANTCEHTURE clients. In January, SANTECHTURE and CorroHealth jointly hosted the Arab Health reception focused on AI and Revenue Cycle Management (RCM) Innovation. SANTECHTURE, which is backed by leading institutional investors Gulf Capital and Shorooq Partners, has seen a phenomenal increase in demand for its advanced deep tech RCM solutions in the GCC and across regional markets, and this partnership will support yet another leap ahead in advancing innovation and value creation. CorroHealth CEO Pat Leonard said, "This is an exciting step forward for CorroHealth, as we combine our technological capabilities with a local company based in the GCC region. CorroHealth joining forces with SANTECHTURE brings the best of both worlds to provide clients in the region with unsurpassed RCM capabilities to protect hospitals' bottom lines and help to ensure their financial future." SANTECHTURE Founder and CEO Anas Batikhi said, "The pairing of SANTECHTURE's unique leading-edge solutions with CorroHealth's AI driven innovations in the RCM technology space is truly unrivalled. We are especially thrilled to be cementing further our working relationship with CorroHealth and leading the intelligent automation drive to support our clients and partners with their RCM digital transformation journey, delivering on cost reduction and improved revenue outcomes." Gulf Capital Managing Director Mohammad Madani added, "We are proud to have been early backers of SANTECHTURE and to now support this landmark partnership between SANTECHTURE's and CorroHealth. This strategic investment is a strong validation of SANTECHTURE's leadership in intelligent RCM solutions across the GCC and marks a pivotal milestone in its growth journey. We are confident this collaboration will unlock significant value for healthcare providers in the region." Bilal Mushtaq, MD, CorroHealth's Executive Vice President of Global Growth and Strategy for GCC market expansion, said, "This strategic investment and partnership marks a pivotal step forward in our growth strategy, reinforcing our commitment to innovation and delivering greater value to a new market. This is not just a collaboration but a shared vision to forge a new path towards providing excellence in revenue cycle management."
Al Bawaba
3 days ago
- Al Bawaba
Participants from six Arab countries complete sustainability training with prestigious institutions
Sixty students from six Arab countries have completed PepsiCo and the PepsiCo Foundation's Youth Impact Studio (YIS), a flagship program aimed at nurturing a new generation of sustainability leaders across the Middle East and North from more than 800 applicants, the students, from Egypt, Iraq, Jordan, Lebanon, Saudi Arabia and the UAE, completed an intensive training program focused on sustainable development and Environmental, Social, and Governance (ESG) principles. Courses were delivered in partnership with the University of California, Berkeley, and other global graduates were honored in a series of events held across the six participating countries, culminating in a final ceremony in Jordan. Each event featured panel discussions with sustainability leaders and recognized the achievements of the students.'As a company deeply rooted in the region, we believe in the power of young people to shape a better future,' said Wael Ismail, Vice President of MENAPAK & International Beverages at PepsiCo. 'We are inspired by the determination and fresh ideas of the participants. It pushes us to keep doing more to support and empower youth.'The YIS program provides students with access to global experts, workshops on climate action, AI and innovation for sustainability, and professional development courses leading to ESG certifications.'As we work to help the next generation of leaders gain the skills, confidence and support they need to thrive, I am eager to see what our 60 trailblazing graduates will bring to their communities. We believe the training our students have undergone and the rich experiences they have gained will be invaluable in fueling innovation and impact,' said Hatim Khan, Senior Director of International Programs at the PepsiCo Foundation. 'And the journey doesn't end here as we will continue to support these leaders through mentorship and networking opportunities.'Anas, a graduate of the training program from Saudi Arabia, commented: 'It's not often you get to meet such a group of experts and trainers. We had insightful discussions, and I learnt a lot about bringing sustainability practices into my work. It was a truly enriching and unique experience that will help me to contribute positively to the future.' Another graduate, Lobna from Egypt, said: 'It felt inspiring to be surrounded by innovators. The atmosphere was energizing and highly motivating with trainers pushing us to think outside-the-box. The opportunity has been incredibly valuable, especially as the mentorship and guidance will continue. I'm ready to contribute and help build a better future for my region.'
Wamda
5 days ago
- Wamda
The future of MENA SMEs depends on smarter CFO tools
An article by Adnan Murudi, Associate, and Simon Sharp, Partner at Global Ventures CFOs sit at the centre of strategic decision-making , connecting liquidity, performance, and future planning to business execution. However, in the MENA region, where digital transformation is accelerating and economic complexity is rising, the finance stack has not always kept pace. Many finance teams still rely on spreadsheets, manual workflows, and disconnected systems. Small and Medium Enterprises (SMEs) account for up to 90% of private sector businesses and employ over 50% of the formal workforce in key markets such as Saudi Arabia and Egypt. Yet these businesses remain critically underserved by financial services. SMEs receive only 8% of total lending across the region, with the figure dropping as low as 2% in some GCC countries. Over 80% of SMEs in the MENA region still rely on manual or semi-manual processes, which severely limit accuracy, efficiency, and scalability. Today, this is starting to change. Across the region, a new wave of fintechs is reimagining how finance teams operate, and CFOs are leading that shift. Below, we outline the key operational challenges faced by MENA CFOs, why fintech tools are becoming essential, and which emerging players are reshaping the landscape. CFO tech is fast becoming one of the most impactful and overlooked verticals in MENA's fintech evolution. What's driving the shift? We have identified five recurring challenges faced by finance teams in the region, each representing an opportunity for modern fintech tooling to create an outsized impact. Highly manual workflows: Finance teams still spend disproportionate time on error-prone tasks like invoice matching, expense claims, and reconciliation. This slows down decision-making and limits time for strategic planning. Overly complicated tech stacks: ERP, HRIS, sales, and bank systems often don't integrate. CFOs end up patching gaps between tools instead of leveraging a unified source of truth. Lack of collaboration: Budgeting and forecasting rely on multiple teams, yet collaboration still happens through scattered emails and Google Sheets. Version control is chaotic, and real-time context is missing. Data fragmentation at scale: As companies expand across markets, tracking performance across units becomes complex. Without live dashboards and unified analytics, finance teams lack a 360-degree view. Limited planning and forecasting tools: Excel remains the dominant tool for Financial Planning and Analysis (FP&A) across the region. Scenario-based planning tools remain rare, exposing teams to sudden shocks like cost inflation or currency fluctuations. As these constraints accumulate, the case for modern, integrated solutions becomes not just compelling but necessary. Why SMEs in MENA are an untapped fintech market SMEs are a major contributor to MENA's economy, yet they remain significantly underserved by traditional financial institutions. This presents a clear opportunity for fintechs to tailor solutions that fill the infrastructure gap, offering lean, accessible tools that help SMEs grow within a supportive financial ecosystem. Mapping the CFO tech landscape in MENA Regional fintech startups are building modern finance infrastructure from the ground up. What's exciting in MENA is not just that CFO tools are being built, but how they are being built, with deep awareness of local regulations, operational complexity, and fragmented banking systems. Fintech founders are creating end-to-end platforms that go beyond point solutions, bundling payments, accounting, and reporting into integrated stacks. CFO tools landscape: The modern CFO toolkit is evolving into a fully integrated stack spanning the full spectrum of financial operations: from payment automation and expenses to accounts payables/receivables and accounting software. Payment automation solutions streamline fund disbursements— from payroll to supplier payments - by reducing manual intervention, minimizing errors, and ensuring on-time execution. Expense management tools give real-time visibility into operational spending. Expenses can be tracked, controlled, and optimised via reporting, approval workflows, and policy enforcement. Cashflow and equity management platforms open access to alternative funding streams such as revenue-based financing, SME lending, and invoice factoring, while also supporting equity management. Accounts payable and receivable solutions automate matching of payments with invoices, significantly improving efficiency and reducing errors. Finally, cloud-native accounting software delivers end-to-end financial management - from general ledger and payroll to reporting - integrating with other systems to give CFOs a unified view of operations. The CFO Tech Landscape below highlights selected fintech solutions emerging across MENA's CFO technology landscape, each addressing a specific function within the broader financial operations ecosystem. What's next for CFO tech in MENA? Looking ahead, four trends will define the next phase of CFO technology in the MENA region: localised compliance, end-to-end platforms, sector-specific solutions rather than generic ones, and financial planning and cashflow tools. Localised compliance features, such as Arabic-first interfaces, native e-invoicing, and tailored tax handling, are becoming increasingly essential. Fintech tools are also evolving from single-function products into comprehensive, end-to-end platforms that integrate multiple workflows, beginning with core functions like cards or accounting and expanding into broader operational capabilities. Sector-specific solutions within verticals such as retail, logistics, and e-commerce are expected to gain traction, bringing further efficiencies compared to generic solutions. Finally, financial planning and cashflow tools allow dynamic, scenario-based decision-making – shifting away from static dashboards to real-time, predictive models. As digital transformation accelerates across MENA, CFOs are becoming key enablers of operational scale and strategic clarity. Tailored fintech tools are enabling SME finance to scale with greater efficiency and insight.
