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Sudanese Largest Online Marketplace alsoug, Secures $5 Million From Egypt’s Fawry

Startups

Oct. 13, 2021, 10:31 a.m.

alsoug the largest Sudanese online marketplace has announced it has secured $5 million from Fawry, Egypt’s leading provider of e- payments solutions.

For alsoug, the investment will enable them to expand their services in fintech so that everyone in the country has the financial freedom they deserve to transact in a fast, transparent, simple, and digital way.

For Fawry, the investment will allow them to strategically expand their footprint into Africa and transfer the experience they have gained in the dynamic Egyptian market to neighboring Sudan.

Fawry CEO Eng. Ashraf Sabry, said: “We’re delighted to be kicking off our partnership with alsoug, one of Sudan’s most exciting prospects and a Sudanese leader in tech innovation. This is our first investment outside of Egypt in our thirteen years of operation, and we’re confident that our story with alsoug and Cashi will be a special one.”

“Fawry’s investment in alsoug delivers on our plans to venture into underserved international markets by leveraging our technology and teaming up with strong local players. This investment will allow us to strategically expand our footprint into Africa and transfer the experience we’ve gained in the dynamic Egyptian market to neighboring Sudan, an economy with major potential across several sectors and with a significant pool of entrepreneurial talent. Meanwhile, Fawry’s strategic partnership with alsoug leaves it ideally placed to help guide the platform’s rollout of a countrywide payments system, a feat which Fawry has already managed through a scalable, robust, and best-in-class technology platform.”

The fundraising round marks the first international venture capital investment into a technology business in Sudan since international sanctions were lifted on the country following 30 years of isolation.

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Magdi Amin, Senior Advisor to Sudan’s Minister of Finance, said: “Following three decades of sanctions, international isolation, and limited official development support, the economy has developed without full participation in the digital revolution that continues to transform industries globally.”

“This is a significant opportunity for Sudan to make up for the lost time. We welcome foreign investment into promising Sudanese businesses, a key part of our economic plan to drive growth in the financial, technology, agriculture, mining, and infrastructure sectors.”

Founded in 2016, alsoug lets Sudanese consumers and businesses buy and sell any goods and services they need with listings including real estate, cars, electronics, and furniture, as well as services and job postings.

alsoug is one of Sudan’s most downloaded apps on the Google Play app store with two million downloads and is a platform where sellers can list everything from real estate and cars to services and commodities.

tag: Funding, Startup, Fintech,

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Verny Joy Author

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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