Fawry for Banking Technology and Electronic Payment (FWRY) announced it has acquired a minority stake in Brimore, a social commerce platform, at a value of EGP 15.70 million, according to a press release.
This investment comes as part of Brimore’s upcoming Series A funding round, Fawry added.
This acquisition reflects progress regarding Fawry’s efforts in setting up strategic partnerships with “high-potential” tech companies.
Fawry aims at strengthening its position as a strategic investor in Brimore to encourage growth at the company and on a broader level regarding Egypt’s digital ecosystem.
Fawry is an Egypt-based company that provides an electronic payment network. The company allows users to pay bills in multiple channels, such as online, using automated teller machines, mobile wallets, and retail points.
