The company reached out to every single investor in the region. Some refused, some did not answer at all and yet, Moneyfellows was able to secure such a huge investment thanks to some angel investors. Now, the company will probably receive more offers of investments.

The investment will be used to expand the company's operations further across Egypt as well as into the continent. The company also plans to launch a variety of new products which would help expand the company's reach and attract more users.

Through expanding to Arab countries where many Egyptians reside, Fawry will be able to further get close to its goal, which is offering many financial services to as much Egyptians as possible.

For those who do not know how to use technology or never visited banks, which represent the majority of the population, Fawry offers bill payment at the corner store. Fawry's services are available at 16,000 retailers and 1,300 post offices. This kind of services is the main reason behind the sudden development of the country's economy as financial services were available to more people, and more importantly to unbanked and underbanked.

First, Fawry collaborated with banks to use bill presentment and payment to banks customers through bank ATM channels. Fawri also provided a payment service using mobile wallets in collaboration with the National Bank of Egypt. These kind of fruitful collaborations are what raised the company's services' importance and value.

A recent Visa 'Stay Secure' survey in Egypt showed that a high and still rising number of Egyptians now prefer cashless payments. This partnership would help in providing financial services to more unbanked and underbanked and increase electronic payments acceptance, which is both Fawry's and Visa's goal.

With a system that relies mainly on cash transactions, the economy faces too many challenges that stops its growth and development. For instance, cash is hard to transport, coins and bills can easily be stolen, and their use makes dodging taxes and corruption easier.

In addition to the opportunity the Covid-19 crisis has created to Fintech companies such as Fawry, The North African nation's central bank asking lenders to find a way to make sure all citizens have access to financial services, focusing on digital payments and mobile wallets, is also one of the main reasons behind the rise in the company's valuation as it resulted in its services being needed more than ever before.

This achievement was partly, or mainly, due to the Covid-19 pandemic that pushed many people to place a high demand on Fawry's many e-payment solutions and services.

Fawry paved the way for other Egyptian companies and became a leading example to them just like Jumia, the first unicorn out of Africa, was for african companies.

Fawry went public on The Egyptian Exchange (EGX) in first Egyptian IPO of the year (2019).

The pandemic was a huge opportunity for Fawry and Fintech companies in general as, thanks to it, they had an important increase in demand.

The Egyptian fintech currently has over 150,000 active users that are verified by a user assessment algorithm. It also works with different corporates in Egypt, enabling their employees to participate in the money circles for saving money.

Abacus builds web and mobile software to help investors across the globe access African financial markets. It makes it possible for both local and international investors to research and invest, any time, any where.

Thndr hopes to increase Egypt's financial literacy which is key for families to move up in social mobility.

Abacus helps investors in African markets make and execute faster, smarter, and more informed decisions by providing real time financial data, news, analysis and analytics tools and market access.

The financial startup allows users to link their Egyptian bank account, and trade, invest, and profit from Egyptian stocks, bonds, and indices. Thndr also allows users a virtual EGP 100,000 to practice investing until they get the hand of stock investment.

Simbapay's competitors are: TransferGalaxy, Meerkat Financial, Fin.do and Mama Money.