Fawry works with banks and small-shop owners to make it easier for consumers to pay bills or buy mobile airtime in a country where getting around and bureaucratic hassles are daily challenges.
It has also expanded into mobile payments in light of Egypt’s high mobile penetration rate. Swiss investment firm responsAbility has made an undisclosed minority equity investment.
Two years ago, in one of the largest private-equity deals in Egypt, Fawry sold a majority stake to a consortium of investors, including the Egyptian-American Enterprise Fund, Helios Investment Partners, and the MENA Long-Term Value Fund, for $100 million.
responsAbility manages more than $3.3 billion in assets and has invested in more than 550 impact ventures in 97 countries since it was launched in 2003.