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Fawry Acquires Minority Stake In Brimore To Develop Egypt’s Growing Digital System

Startups

Sept. 22, 2021, 11:15 a.m.

Fawry, Egypt’s leading e-payments solutions and banking services provider, has invested in Brimore, a social commerce platform. The investment has allowed Fawry to acquire a minority stake in Brimore.

Coming as part of Brimore’s upcoming Series A funding round, the investment marks further progress on Fawry’s efforts to establish strategic partnerships with high-potential tech companies, which aim to generate profitable synergies and further the company’s objective of developing Egypt’s growing digital ecosystem.

Fawry will leverage its role as a strategic investor in Brimore to engage, support, and encourage growth at the company and in Egypt’s wider digital ecosystem, while forwarding the national goals of boosting financial inclusion, using technology to digitize small and micro businesses, while closing the gender gap in entrepreneurship.

Founded in 2017, Brimore’s platform leverages the power of individual social networks to enable broad, cost-effective market access. It enables manufacturers to sell their products directly to end consumers through a network of micro-distributors across Egypt.

The startup’s platform also includes payment and supply chain facilities that serve hundreds of SMEs, which sell thousands of products including packaged foods, personal care, and household goods through tens of thousands of social sellers in all 27 governorates across Egypt.

“Fawry’s investment in Brimore represents an important vote of confidence in the company and its business model, which reaffirms our belief in the transformative power of digital tools to revolutionize commerce in Egypt,” said Brimore co-founder and chief executive officer (CEO) Mohamed Abdulaziz.

“Our 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. Our partnership with Fawry leaves us in an ideal position to continue changing thousands of lives for the better while maintaining our rapid and impressive growth trajectory.”

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Commenting on the transaction, Fawry CEO Eng. Ashraf Sabry said: “We look forward with great anticipation to our journey with Brimore. The company’s business holds great promise for spurring inclusive economic growth, where greater access to financial and business services enables small and micro enterprises to play a bigger role in the economy. 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.”

“Fawry’s investment in Brimore fully aligns with our strategic objectives of expanding Fawry’s digital ecosystem and establishing a foothold in Egypt’s booming e-commerce scene. We at Fawry believe that rapidly digitizing how business is done in Egypt is key to fostering the expansion of small businesses to hard-to-reach populations, accelerating economic growth, and creating a better future for all,” Sabry added.

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Verny loves to write poetry, fiction and quotes. Her love for writing landed her in journalism. She loves gadgets and travelling to explore new places.

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