Egypt: A new Fund is launched to finance Egyptian fintechs
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Agence Ecofin
Monday 7 February 2022 Last update on Monday, February 7, 2022 At 1:58 PM

The new Fawry Yawmy vehicle is the first joint project between the Egyptian public bank Banque Misr, through its subsidiary Misr Capital, and Fawry. The two partners are looking for individual investors capable of providing the necessary funds.

Egyptian Fawry, engaged in the provision of payment solutions and digital banking services, has partnered with Misr Capital, the investment banking activity of Banque Misr, to launch Fawry Yawmy, an investment fund focused on fintechs.

According to the We Are Tech platform, the vehicle will leverage Fawry’s financial technology, its extensive presence in Egypt in the retail segment, as well as fund manager Misr Capital to reach individual investors.

“This strategic alliance with Fawry, which has over 30 million monthly customers, is designed to serve retail investors. Furthermore, it is in line with our publicly announced strategy of developing the Egyptian debt market in cooperation with regulators and major market players, in order to introduce new investors to the market through innovative products.” , commented Khalil El Bawab, managing director of Misr Capital.

Fawry Yawmy represents the first fund jointly launched by Egyptian unicorn Fawry and Misr Capital. However, this subsidiary of the Egyptian public bank Banque Misr had already joined forces with Elevate Private Equity last April to launch a fund targeting acquisitions in the health sector in sub-Saharan Africa.

The two companies Fawry and Misr Capital have agreed on a minimum investment amount of 500 Egyptian pounds (31.77 USD), in order to further facilitate the entry of retail investors into the Egyptian debt market. For the moment, Fawry and Misr Capital do not give details on the Fintechs in which they intend to invest and on the amounts to be allocated. The two partners are working to convince individuals to invest in this vehicle in order to raise the necessary financing to support the activities of the said fund.

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