Latest news with #FawryBusiness'
Wamda
26-02-2025
- Business
- Wamda
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.'
Zawya
26-02-2025
- Business
- Zawya
Fawry acquires stakes in 3 Egyptian tech companies for $1.6mln
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'. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
13-02-2025
- Business
- Zawya
'Fawry" launches "'Fawry Business'" – A groundbreaking solutions suite to drive digital transformation for businesses in Egypt
An integrated electronic collections and payments system Corporate and individual cards in collaboration with Banque Misr SMEs lending solutions Corporate investment in the 'Fawry Yawmy' Fund, with an annual return of up to 23% due daily An integrated financial, sales, and procurement management system An integrated HR and payroll management system Cairo, Egypt: Fawry, Egypt's leading e-payments solutions provider, has announced the launch of "Fawry Business', a groundbreaking suite of innovative solutions tailored to businesses of all sizes and the broader business community in Egypt. These solutions aim to facilitate operations, boost efficiency, and alleviate daily business challenges. Building on its commitment to digital transformation, Fawry continues to deliver cutting-edge digital solutions that simplify financial transactions and provide essential tools for business success. As a trusted partner in Egypt's business ecosystem, Fawry reinforces its strategic vision to support digital transformation efforts and advance financial inclusion across the country. 'Fawry Business' offers a comprehensive range of solutions for small, medium, and large enterprises across various sectors, including manufacturing, healthcare, education, restaurants, retail, logistics, real estate, and facilities management. Among its key features is an advanced HR system that streamlines employee management by tracking attendance through a geolocation feature, calculating overtime and payroll, processing and reviewing employee requests, and simplifying salary disbursement. These innovative solutions provide businesses with the reliability they need to optimize daily operations and drive long-term success. 'Fawry Business' offers a variety of solutions that help businesses manage both cash and electronic collections while presenting a comprehensive overview of their transactions. The platform also helps businesses fulfill their financial obligations electronically through multiple mechanisms including the Fawry Corporate Card in collaboration with Banque Misr, allowing businesses to set spending controls and track real-time payments. By continuously monitoring collections and payments, businesses can efficiently manage their cash flow management. Additionally, electronic transaction records enable Fawry to assess customers' creditworthiness and offer financing solutions while ensuring proper utilization. Meanwhile, 'Fawry Yawmy' allows businesses to instantly invest their collections, maximizing returns on their revenues. 'Fawry Business' also provides a diverse range of solutions to empower businesses, including accepting all kinds of payment methods through its payment acceptance systems. It enables seamless integration between point-of-sale (POS) systems and Fawry POS devices while offering various online payment solutions such as payment gateways, payment links, and multiple in-store payment options. These include contactless payments, featuring the Tap N Pay application—the first Egyptian-made Soft POS solution fully developed by Fawry. This innovative technology allows merchants to accept payments directly through their mobile phones without the need for additional hardware, ensuring a secure and efficient transaction experience. To deliver innovative cash management solutions, 'Fawry Business' offers a collection management service through FawryPlus branches. It also allows businesses to deposit funds at any time throughout the week via a vast network of over 300 stores across Egypt, with the option to transfer the funds to their bank account by the next business day. Additionally, 'Fawry Business' introduces an innovative FinTech-based investment fund that enables companies to invest their working capital and earn an annual return of up to 23%, due daily. 'Fawry Business' provides a comprehensive suite of integrated services for companies, including financing that offers business loans with fast and flexible approval processes. The system simplifies loan applications and provides flexible repayment plans tailored to various business needs, which aligns with Fawry's strategy to drive economic growth, financial inclusion, and innovation in Egypt while reinforcing its role in advancing the country's digital transformation strategy. In the field of financial management, 'Fawry Business' offers a comprehensive accounting system that serves as a one-stop shop for businesses, eliminating the need for traditional methods. This system enables businesses to manage cash flow, record daily transactions, generate financial statements, manage invoices, and analyze financial data—all in one place. Additionally, it seamlessly integrates with the electronic invoice portal at competitive pricing. Commenting on the launch, Eng. Ashraf Sabry, CEO and Managing Director of Fawry, stated: "Digital transformation in Egypt is advancing at an unprecedented pace, reshaping the economic landscape and creating a growing demand for more sophisticated and innovative financial solutions to support sustainable growth. At Fawry, we recognize the importance of delivering integrated services that cater to the evolving market needs. We aim to empower businesses to overcome financial challenges and enhance their competitiveness. With the launch of 'Fawry Business', we reaffirm our unwavering commitment to driving digital transformation and financial inclusion in Egypt." He added: "This innovative platform offers comprehensive and fully integrated financial solutions designed to empower businesses in managing their financial operations more efficiently and effectively. Through 'Fawry Business', we aim to equip companies with the essential tools to achieve their goals in a dynamic business landscape while contributing to the growth of a strong and prosperous Egyptian economy." Aligned with its commitment to supporting Egypt's SME sector, Fawry remains dedicated to developing innovative business solutions tailored to the needs of this vital segment. Leveraging its extensive experience in creating impactful financial products, the company delivers integrated solutions designed to address the unique challenges businesses face, empowering them to grow and thrive. As part of its strategy to ensure that 'Fawry Business' solutions align with the needs of local businesses, Fawry actively invests in leading Egyptian companies such as Codezone, VCFO, and Dirac. These strategic investments allow Fawry to leverage local expertise, enhancing its ability to develop tailored solutions that meet and exceed entrepreneurs' expectations, empowering them to manage their businesses with enhanced flexibility and efficiency. Through these investments, Fawry continues to champion technological advancement and business empowerment, further solidifying its position as a key driver of innovation and growth in the Egyptian fintech and business solutions landscape.
