Tanmeyah successfully acquires fast-growing tech-driven B2B platform Fatura

Tanmeyah successfully acquires fast-growing tech-driven B2B platform Fatura

Commenting on the deal, Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat, said, “Tanmeyah’s acquisition of Fatura, backed by Egypt Ventures, and its accelerator “EFG EV Fintech”, which is a partnership with EFG Hermes Holding, comes in line with the Government of Egypt’s efforts to increase the involvement of, and to empower, the private sector, as a major driver of comprehensive and sustainable economic growth.” Al-Mashat added that “Egypt Ventures, the first venture capital company in Egypt with a government contribution, has succeeded in maximizing the return on investment in many pioneering emerging companies in their fields. This exit is a confirmation that the investment in Fatura has paid off and enabled the company to move forward in developing the volume of its business. Moreoever, Egypt Ventures, and its two business accelerators, have invested in more than 175 companies since 2017, and the coming period will witness more success stories in supporting start-ups and exits that enhance the participation of the private sector in economic development.”

Commenting on the acquisition, Karim Awad, Group CEO of EFG Hermes Holding said, “This acquisition marks a major milestone for Tanmeyah, which has grown to become a key player under our Non-Bank Financial Institutions