Fawry 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 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.
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 eCommerce 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.