Cairo – Mubasher: Fawry for Banking Technology and Electronic Payments has become Egypt’s first unicorn after reaching a market cap of $1 billion on Monday.

The share price of the e-payment solutions provider registered EGP 22.69 during intraday trading, the former managing director and co-founder of Fawry, Mohamed Okasha, said in a LinkedIn post.

During the first half (H1) of 2020, Fawry reported a 135% surge in its net profits, logging EGP 85.9 million, compared to EGP 36.47 million in H1-19.