{"id":323632,"date":"2021-10-13T10:35:25","date_gmt":"2021-10-13T10:35:25","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=323632"},"modified":"2021-10-13T10:35:25","modified_gmt":"2021-10-13T10:35:25","slug":"fawry-makes-its-first-step-in-expanding-into-africa-starts-with-sudan","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2021\/10\/13\/fawry-makes-its-first-step-in-expanding-into-africa-starts-with-sudan\/","title":{"rendered":"Fawry makes its first step in expanding into Africa, starts with Sudan"},"content":{"rendered":"

Fawry has finalized an unspecified investment in Sudan\u2019s largest online classifieds platform and marketplace, acquiring an undisclosed strategic minority stake in Alsoug.com<\/a> \/ Cashi\u2019s holding company<\/p>\n

The transaction marks Fawry\u2019s first venture outside of Egypt, according to a statement (pdf)<\/a>.<\/p>\n

The investment is part of a USD 5 mn funding round, which Fawry co-led alongside a consortium of undisclosed Western venture capital firms.<\/p>\n

It\u2019s actually the first venture capital round raised by a company in Sudan<\/strong> since international sanctions were lifted in 2020. The investment will go towards building out Alsoug\u2019s recently launched fintech platform Cashi<\/a> and develop its payments infrastructure. Fawry CEO Ashraf Sabry said that the company sees Sudan as an economy with \u201cmajor potential across several sectors and with a significant pool of entrepreneurial talent.\u201d<\/p>\n

Founded in 2016, Alsoug.com is an online classifieds marketplace <\/strong>with nearly 2 mn downloads and includes listings of real estate, cars, electronics, furniture, in addition to services and job postings. Alsoug launched payment service provider Cashi in 2020 as a PayPay-like service provider. Cashi facilitates payment of \u201cutility bills, airtime top-up, government education services,\u201d as well as advertising on alsoug. Earlier this week, alsoug.com was selected<\/a> as one of eight startups to participate in the Last Mile Money Accelerator, a program managed by IDEO and funded by the Bill & Melinda Gates Foundation.<\/p>\n

EGX-listed Fawry is Egypt\u2019s first and largest digital payments company <\/strong>with a market cap of c. USD 1.7 bn.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fawry has finalized an unspecified investment in Sudan\u2019s largest online classifieds platform and marketplace, acquiring an undisclosed strategic minority stake in Alsoug.com \/ Cashi\u2019s holding company<\/p>\n","protected":false},"author":4,"featured_media":320363,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,33],"tags":[],"class_list":["post-323632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-products","category-main"],"yoast_head":"\nFawry makes its first step in expanding into Africa, starts with Sudan - egy-africa<\/title>\n<meta name=\"description\" content=\"Fawry has finalized an unspecified investment in Sudan\u2019s largest online classifieds platform and marketplace, acquiring an undisclosed strategic minority stake in Alsoug.com \/ Cashi\u2019s holding company\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2021\/10\/13\/fawry-makes-its-first-step-in-expanding-into-africa-starts-with-sudan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fawry makes its first step in expanding into Africa, starts with Sudan - 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