Fawry acquires minority stake in Brimore

Fawry acquires minority stake in Brimore

Press release

Fawry (the “Company”, FWRY.CA on the Egyptian Exchange), Egypt’s leading epayments solutions and banking services provider, announced today that it has finalized an investment in Brimore, a social commerce platform. Fawry has acquired a minority stake in Brimore, which enables SME manufacturers to overcome go-to-market challenges through a nationwide distribution capability.

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 generating 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.