Fawry invests in Sudan classifieds and market platform alSoug

Fawry has introduced an funding into alsoug.com, Sudan’s largest Classifieds, and Market Platform. That is its first abroad enterprise capital funding by Fawry exterior its Egypt house market.

The deal includes the acquisition of a strategic minority stake in alsoug.com/Cashi holding firm whereby the funding might be channeled in direction of the event of a brand new fintech platform Cashi. This $5m spherical will assist the corporate’s catalyzing the involvement of different strategic western enterprise capital gamers.

As a strategic investor Fawry will leverage its lengthy monitor file with white label know-how options to help the platform to scale and improve the platform’s service provider acquisition operation whereas refining its go-to-market method and providing worthwhile insights that inform high-level methods throughout all different companies segments.

Fawry is an e-payment resolution supplier and digital banking service supplier. It was again in September when Fawry invested in Brimore, an Egypt social commerce startup. Fawry has established a strategic partnership with the Sudanese shopper platform with an eye fixed to scaling up its funds know-how platform past Egypt

alSoug was based in 2016 by a superb workforce of entrepreneurs. alSoug is at the moment Sudan’s main shopper web platform and digital market. The corporate is among the nation’s most downloaded on Google App’s over two million occasions. Sellers can record just about every part on their platform from automobiles, actual property, providers, and different commodities.
Commenting on the funding, Fawry CEO Eng. Ashraf Sabry expressed delight within the new partnership with alsoug going additional to explain the corporate as “one in all Sudan’s most fun prospects and a Sudanese chief in tech innovation.”
Alsoug CEO Tarneem (Nina) Saeed described the funding as “a major milestone not only for alsoug, however for the nascent tech area in Sudan as a complete.” She additional identified alSoug’s intent to develop previous the classifieds and market area into funds.

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