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Being the leading the electornic payments player in Egypt, Fawry is arguably the biggest benificiary of acceleration of digital payments there. It offers hundreds of electronic payment services through its network of over over close to 200,000 service points across Egypt – whcih include ATMs, mobile wallets, retail shops, post offices, and vendor kiosks. Fawry has introduced many new payments and lending products for both consumers and businesses over the last tweleve months and is apparently on additional new services too that are expected to be rolled out within the next few months.

The Egyptian payments firm had gone public in August 2020 by listing its shares on EGX at the price of EGP 6.46 per share. The share price has surged over 7x after company’s public market debut about eigtheen months ago.

Fawry is yet to announce the results for fourth quarter of 2020 but for the first nine months of last year, the company made about $57 million (EGP 892.7 million) in revenue, an 45.2 percent increase year-on-year basis. For the same period, it doubled its net profit (on a YoY basis) to $7.5 million (EGP 119 million). The company has been witnessing decent growth over the last few years but it seems that Covid-19 has accelerated it even further.

Stock trading app Thndr has completed its registration with the EGX, the company announced on its website. The no-commission equities trading platform last month became Egypt’s first company to obtain a new brokerage license since 2008.

Less than six months after becoming the first billion-dollar technology company in Egypt, Fawry has hit another milestone by surpassing the $2 billion market cap for the first time. Its stock has doubled in the last six months and closed at an all-time high of EGP 46.90 today, pushing its market cap to over EGP 32 billion. This makes it the fourth most valuable company listed on The Egyptian Exchange (EGX) and it seems that it’s only a matter of days before it takes the second position. The Egyptian payments firm had gone public in August 2020 by listing its shares on EGX at the price of EGP 6.46 per share. The share price has surged over 7x after company’s public market debut about eigtheen months ago.

STARTUP WATCH- Fawry is officially Egypt’s first unicorn: EGX-listed e-payments firm Fawry became the first Egyptian tech company to hit a market cap of USD 1 bn on Monday after its share price reached intraday highs of EGP 22.69, former managing director Mohamed Okasha announced in a LinkedIn post. Fawry’s share price has increased by more than 300% since it debuted on the EGX last year, a rise that has accelerated in recent months as the use of its payment services skyrocketed during the lockdown.

The shares that were listed at the price of EGP 6.46 soared 31 percent to close at EGP 8.48  on the first day of trading, which gives the company a market cap close to EGP 6 billion or $366 million.

Fawry was acquired by a consortium of three investors; Helios Investment Partners, MENA Long-Term Value Fund, and Egyptian-American Enterprise in 2015. The three investors had reportedly acquired 85 percent of the company at a valuation of $100 million.

Fawry, however, is the first-ever African fintech startup to go public through an IPO (Initial Public Offering) on African soil. Fawry went public, last year August, on The Egyptian Exchange (EGX) in the first Egyptian IPO of the year, offering 36 percent (254.6 million) of its shares on The Egyptian Exchange to raise EGP 1.64 billion ($100 million). The offering also comprised of a secondary sale by Netherland Holding BV. The company’s shares that were listed at the price of EGP 6.46 soared 31 percent to close at EGP 8.48 on the first day of trading, which gave the company a market cap close to EGP 6 billion or $366 million. Since then, its stock price has increased by over 300 percent.

The digital transformation and e-payments company Fawry became the first listed tech company in Egypt with a market capitalisation of $1 billion last week. At the end of trading on 17 August, the market value of the company had jumped to LE15.56 billion (around $1 billion), meaning it is now rubbing shoulders with the likes of CIB (Egypt), QNB Al-Ahli, the Eastern Company, the Abu Qir Fertilisers Company, Telecom Egypt, and Al-Sewedy Electric in the EGX index billionaires’ club.

The company is keen to work with companies specialising in the financial technology (fintech) solutions field, to contribute to the development of the Egyptian capital market sector.The most prominent of these partnerships includes a contract with the Egyptian Company for Information Dissemination (EGID).

Startup and equities trading platform, Thndr Securities Brokerage, has obtained approval from Egypt’s Financial Regulatory Authority (FRA) to practice securities brokerage activities.Thndr is the first company in the Middle East to announce the provision of a zero commission on securities trading service.Its activities take place through an advanced electronic platform that enables dealers in the Egyptian Exchange (EGX) to view the latest developments and indicators at zero cost.

The company is keen to work with companies specialising in the financial technology (fintech) solutions field, to contribute to the development of the Egyptian capital market sector. The most prominent of these partnerships includes a contract with the Egyptian Company for Information Dissemination (EGID). The latter company has been the approved authority for distributing information to EGX listed companies in the country for more than 20 years. “By using technology and introducing an easy-to-use application, we hope to remove all barriers users face, whether by making the account opening process easier or reducing costs,” said Saif Amr, co-founder of Thndr. He added, “We help companies by facilitating dealing in the Egyptian Stock Exchange, but we intend to offer other investment options soon to suit all segments.”