Cairo – Mubasher: Fawry for Banking Technology and Electronic Payments has acquired a minority stake in Brimore as part of the social commerce platform's upcoming Series A funding round.
The investment value amounts to EGP 15.7 million, Fawry said in a bourse disclosure on Monday.
"The investment marks further progress on Fawry’s efforts to establish strategic partnerships with high-potential tech companies" with the aim of "developing Egypt’s growing digital ecosystem," the e-payment firm pointed out.
Brimore's Co-Founder and CEO Mohamed Abdulaziz, said, that the "platform has enabled tens of thousands of individuals across Egypt to start and grow profitable businesses with zero initial investment. We allow ordinary people, most of whom are women, to reach millions of customers across the country."
Commenting on the deal, Fawry's CEO Ashraf Sabry said: “We look forward with great anticipation to our journey with Brimore...Our more than 230,000 strong merchant network is just one of the areas where lasting value will be created through this partnership. Moving forward, we aim to offer Fawry’s full suite of financial solutions to our partners at Brimore, their network of distributors, and their customer base.”