Egypt’s Fawry for E-Payment Seeks to List on US Stock Market

A leading Egyptian e-payment gateway valued at almost US$1.3 billion said it seeks to list a stake on the American stock market. Fawry, which debuted on Cairo’s stock exchange back in 2019, also announced plans to boost its capital by 800 million Egyptian pounds (US$51 million), CNBC Arabia reported. The firm’s profits jumped 33.4% during the first nine months of 2021 compared to a year earlier, reaching 194 million Egyptian pounds. Egyptian online payment providers, Fawry included, benefited from COVID-19.

Lockdowns and social distancing measures, led to more activity for online-based platforms. Fawry executed as much as 1.1 billion transactions during pandemic-hit 2020, up from 868 million transactions a year earlier, Daily News Egypt reported. Founded in 2008, Fawry offers electronic payment solutions with the aim of availability in over 225,000 locations in Egypt, according to the company's website.