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EgyptFawry Strengthens Fintech Ecosystem with $1.6 Million Investment in Three Egyptian Startups
3 min
Fawry invested EGP 80 million ($1,6 million) in three Egyptian fintech startups.
The company acquired majority stakes: 51% in Dirac Systems, 56,6% in Virtual CFO, and 51% in Code Zone.
These acquisitions support Fawry’s goal of expanding its “Fawry Business” ecosystem.
Dirac specializes in ERP systems, Virtual CFO in financial services, and Code Zone in enterprise software.
Fawry aims to drive Egypt’s digital transformation and promote a cashless economy.
In a significant push to expand its digital business solutions, Fawry, Egypt’s largest e-payment platform, has announced a $1.6 million investment in three rising Egyptian fintech startups. The company has acquired majority stakes in Dirac Systems (51%), Virtual CFO (56.6%), and Code Zone (51%), strengthening its “Fawry Business” ecosystem and reinforcing its role as a leader in digital financial services.
Founded in 2008, Fawry has long been at the forefront of Egypt’s fintech industry, providing millions of users with seamless electronic bill payments, mobile top-ups, and digital financial services. This latest investment reflects the company’s vision of integrating more advanced financial technologies into its offerings to better serve businesses across various sectors.
Dirac Systems, a key player in Enterprise Resource Planning (ERP) solutions, helps businesses streamline their operations through automation and data-driven management tools. Virtual CFO focuses on financial management, providing SMEs and startups with crucial support in accounting, compliance, and cash flow optimization. Code Zone, meanwhile, develops enterprise software solutions, including CRM, HR, and financial management tools, with a particular focus on the healthcare sector.
Fawry’s CEO, Eng. Ashraf Sabry, emphasized the strategic importance of these acquisitions, stating:
“These investments reinforce Fawry’s commitment to empowering businesses with state-of-the-art financial solutions. By integrating ERP, financial management, and fintech innovations into our ecosystem, we are enhancing efficiency and accelerating Egypt’s digital transformation. This move also reflects our confidence in the potential of Egyptian tech startups and the exceptional talent driving them.”
The leadership teams of the newly acquired companies echoed similar enthusiasm. Eng. Mohamed Hamed, CEO of Dirac Systems, highlighted how this partnership will allow his company to scale its ERP solutions and drive greater operational efficiency for businesses. Meanwhile, Ahmed Farouk, CEO of Virtual CFO, emphasized the importance of integrated financial services in improving tax compliance, electronic invoicing, and overall financial stability for businesses. Eng. Mohamed Youssef, CEO of Code Zone, pointed to the opportunities for innovation, stating that merging Fawry’s expertise in digital payments with Code Zone’s enterprise software capabilities will unlock new possibilities for businesses in Egypt.
Fawry’s investment in these startups is expected to have a broad impact, not only strengthening its product offerings but also advancing Egypt’s shift toward a digital-first economy. By fostering collaboration between established financial technology firms and emerging innovators, Fawry continues to shape the future of digital payments and enterprise solutions in the region.
With pre-existing partnerships spanning financial institutions, retailers, and businesses, Fawry’s latest move positions it as a central player in the ongoing transformation of Egypt’s financial ecosystem. Industry analysts suggest that the acquisitions will provide Fawry with a competitive edge, allowing it to introduce more sophisticated solutions for businesses and consumers alike.
As Egypt’s fintech landscape rapidly evolves, Fawry’s strategic expansion signals a clear message: the future of business in Egypt is digital, and the company is determined to lead the charge.
