Egyptian based Fawry acquires minority stake in Brimore

Egyptian based Fawry has acquired a minority stake in Brimore. Brimore is an Egyptian social commerce distribution platform that enables manufacturers to sell their products directly to customers through a network of micro-distributors. The company was established in 2017 by Mohamed Abdulaziz, Ahmed Sheikha and Mahmoud Refaay and has since built a comprehensive supply chain network to facilitate trade within Egypt. The minority stake acquired by Fawry or the acquisition amount were not disclosed.

Fawry is an Egyptian digital transformation and e-payments platform offering financial services to consumers and businesses through more than 225,000 locations in Egypt. The fintech company offers convenient and reliable processes to pay bills and other services in multiple channels (online, using ATMs, mobile wallets and retail points) and has a network of retailers such as small groceries, pharmacies and stationaries and post offices. Fawry is listed on the Egypt Stock Exchange with a market capitalization of 25 billion Egyptian pounds and majority owned by a consortium of international financial investors which are the Egyptian-American Enterprise Fund, Helios Investment Partners and the MENA Long-Term Value Fund.

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