THE MIDDLE EAST’S
2. Fawry for Banking Technology and Electronic Payments
Description: E-payment platform
Headquarters: Egypt
Date of Establishment: 2008
Founders: Ashraf Sabry, Seif Coutry, Medhat Khalil, Magda Habib, Amjad Sabry
Fawry provides e-payments and digital finance solutions and serves over 51.7 million customers. It has over 331,000 POS terminals with its app myFawry, which had been downloaded 12.17 million times as of December 2023. Fawry processed transactions worth $11.2 billion in 2023 and expanded its offerings to include BNPL service, myfawry prepaid card, and payroll portal. It also announced preliminary discussions with Saudi Payments for a potential expansion into Saudi Arabia. The company’s net income grew almost 2.5 times in 2023 compared to 2022. Its market cap reached $832.4 million as of March 4, 2024.