Fawry continues strategic expansion acquiring shares in Brimore
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The Egypt-based FinTech and E-payment solutions provider Fawry has successfully acquired shares in social commerce marketplace Brimore. This latest minority acquisition, valued at $1M, comes in a series of efforts by Fawary to expand its network of partners through strategic acquisitions.
Founded in 2008, Fawry offers financial services to consumers and businesses through a variety of channels such as online, ATMs, mobile wallets, and retail points. Fawry’s services for businesses also include collection services, customer acquisition, electronic cash, payment facilitation, and B2B collection centers. This investment will create a new synergy between the two startups as Fawry leverages its role as a strategic investor in Brimore to engage, support, and encourage growth at the company and in Egypt’s wider digital ecosystem.
Driven by a 9% YoY growth in the month of August as most recently recorded in our August 2021 Venture Investment Dashboard, Egypt's VC ecosystem shows a healthy deal volume accounting for an overall 11% growth in 2021 YoY. This latest investment, amongst an active year for Egypt-based startups, solidifies Egypt's ranking as the second-busiest geography across MENA.
Founded in 2017 by supply chain veterans Mohamed Abdulaziz and Ahmed Sheikha Brimore’s social commerce platform connects small and medium-sized manufactures to a large network of freelance community distributors, who sell and recommend products in their local communities. The Cairo-based team helps manufacturers avoid expensive in-house investments in production and distribution, reducing reliance on inefficient traditional distribution networks. Through Brimore, SME manufacturers of mostly unbranded products gain unprecedented access to markets, enjoying a more level playing field with established industry players.
In light of this recent power partnership, Brimore Co-Founder and CEO Mohamed Abdulaziz stated “Fawry’s investment in Brimore represents an important vote of confidence in the company and its business model, which reaffirms our belief in the transformative power of digital tools to revolutionize commerce in Egypt. Our platform has enabled tens of thousands of individuals across Egypt to start and grow profitable businesses with zero initial investment.”
Management at Fawry has identified multiple opportunities to foster synergies and create integrative opportunities by investing in Tech-innovative startups across Egypt. This latest investment in Brimore was preceded by an investment in the Tech-enabled delivery platform Bosta last year, and the fast-growing F&B platform Elmenus earlier this year. Fawry aims to achieve seamless integration of the Company’s payments and financial services solutions onto the Brimore platform, with further cooperation planned with Fawry’s complimentary verticals in the commerce and FMCG spaces. Fawry CEO Eng. Ashraf Sabry concluded “We look forward with great anticipation to our journey with Brimore. The company’s business holds great promise for spurring inclusive economic growth, where greater access to financial and business services enables small and micro enterprises to play a bigger role in the economy. Our more than 230,000 strong merchant network is just one of the areas where lasting value will be created through this partnership.”
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