Egyptian tycoon Ashraf Sabry’s Fawry invests $1.6 million in three local tech firms

Key Points

• The fintech giant acquires stakes in Dirac Systems, Virtual CFO, and Code Zone to expand its business solutions portfolio.
• New acquisitions strengthen Fawry’s ERP and financial management offerings, supporting Egypt’s digital economy shift.
• The company plans strategic growth in the Gulf while awaiting regulatory approval for money transfers via MyFawry.

Fawry for Banking Technology and Electronic Payments (Fawry), a leading Egyptian fintech company led by Ashraf Sabry, is expanding its footprint in the technology sector with an EGP80 million ($1.6 million) investment in three Egyptian tech firms.

The company has acquired a 51 percent stake in Dirac Systems, which specializes in Enterprise Resource Planning (ERP) and business solutions. It also took a 56 percent stake in Virtual CFO, a financial services and accounting firm focused on SMEs and startups, and a 51 percent stake in Code Zone, a software development company.

Sabry said the acquisitions reinforce Fawry’s role as a comprehensive digital business solutions provider. “By adding ERP and financial management tools to the ‘Fawry Business’ suite, we’re integrating digital payments with advanced accounting and HR systems. This not only supports Egypt’s push toward a cashless economy but also helps businesses—big and small—operate more efficiently.”

Fawry expands fintech offerings with mergers

The leaders of the acquired companies welcomed the partnerships, describing them as valuable opportunities for growth. Dirac Systems CEO Mohamed Hamed said Fawry’s support would help the company expand its ERP solutions, making it easier for businesses to manage finances and operations in one place.

Ahmed Farouk, CEO of Virtual CFO, highlighted the deal’s potential to improve business efficiency, enhance tax compliance, and strengthen Egypt’s broader business ecosystem. Code Zone CEO Mohamed Youssef emphasized the role of innovation, saying the partnership would allow his company to develop more advanced, customer-focused solutions.

Since launching in 2008, Fawry has become one of Africa’s largest fintech companies, with backing from major shareholders such as the National Bank of Egypt, Banque Misr, Alpha Oryx UAE, the Egyptian American Enterprise Fund, and Link Holdco.

Fawry’s CEO, Ashraf Sabry, personally holds a 2.35 percent stake in the company, equivalent to 40,036,282 shares. Beyond Egypt, the company is expanding into Saudi Arabia and the UAE through strategic partnerships while preparing to introduce money transfer services via the MyFawry app, pending regulatory approval.

Fawry launches new platform, signs pharma deal

Fawry has been ramping up its digital offerings. Earlier this month, it launched Fawry Business, an integrated platform designed to simplify financial operations across industries such as manufacturing, retail, education, and healthcare. The platform enables businesses to automate payroll, track employee attendance using geolocation, and manage expenses more efficiently.

In another move to strengthen its digital payment ecosystem, Fawry announced a strategic partnership on Feb. 5 with PharmaOverseas, one of Egypt’s largest pharmaceutical distributors. The collaboration aims to enhance digital payment solutions in the healthcare sector, aligning with Fawry’s broader mission to drive digital transformation and streamline financial transactions for businesses of all sizes.