Egypt’s leading fintech company, Fawry, has deployed a $1.6 million investment (EGP 80 million) in Dirac Systems, Virtual CFO, and Code Zone, acquiring majority stakes in all three startups. These investments are part of Fawry’s growth strategy to expand its “Fawry Business” ecosystem. In fact, it’s offering advanced financial and business management solutions for enterprises.
Strengthening Egypt’s Fintech Ecosystem
Founded in 2008, Fawry is Egypt’s largest e-payment platform. Currently, it’s providing services such as electronic bill payments, mobile top-ups, and digital financial solutions. By integrating these three startups, Fawry aims to offer businesses a more comprehensive suite of digital tools. This will help it in driving financial efficiency and digital transformation.
The investment breakdown includes:
- Dirac Systems (51%) – Specializes in Enterprise Resource Planning (ERP) software and business automation solutions for various industries.
- Virtual CFO (56.6%) – A financial services provider helping SMEs and startups with accounting, cash flow management, and compliance.
- Code Zone (51%) – A software development firm focusing on business management tools. In addition, it also offers CRM, HR, and financial management solutions, particularly for the healthcare sector.
Fawry’s Vision for Digital Transformation
“These investments reinforce Fawry’s position as a one-stop digital business solutions provider,” said Eng. Ashraf Sabry, CEO of Fawry. “By expanding ‘Fawry Business’ with ERP, financial management, and HR solutions, we empower companies to drive efficiency and accelerate Egypt’s cashless economy.”
With Egypt’s fintech sector experiencing rapid growth, Fawry’s investment underscores its commitment to enhancing local fintech innovations. Not just that, it also underlines support Egypt’s Vision 2030 for financial inclusion and digital transformation.
What the Startup Founders Say
The CEOs of the three startups welcomed the partnership, highlighting its potential to scale digital solutions and enhance financial and operational efficiency across multiple industries.
- Eng. Mohamed Hamed, CEO of Dirac Systems: “This investment enables us to expand our ERP solutions and help businesses streamline financial management.”
- Ahmed Farouk, CEO of Virtual CFO: “Partnering with Fawry allows us to offer integrated financial solutions, improving cash flow management and tax compliance for businesses.”
- Eng. Mohamed Youssef, CEO of Code Zone: “With Fawry’s leadership in electronic payments, we aim to develop seamless, innovative business management solutions.”
The Future of Fintech in Egypt
By acquiring these stakes, Fawry is expanding its digital footprint and reinforcing its role as a key player in Egypt’s evolving fintech landscape. This move is expected to boost financial accessibility. Moreover, it will provide businesses with cutting-edge digital tools, and contribute to the broader goal of economic digitization.
