It was just announced that the leading digital transformation and E-payment platform in Egypt, Fawry, now has a market cap of over $1 billion. This makes Fawry the first tech company in Egypt to get to the billion-dollar valuation! The achievement was made during the intraday trading, with its share price rising to EGP 22.69, giving it a market cap of more than EGP 16 billion (slightly more than a billion dollars at the time of publishing).
When it first debuted in the Egyptian Exchange in August last year, the share was priced at EGP 6.46, but now the stock price has increased by over 300 percent.
Fawry is the leading Egyptian Digital Transformation & E-Payments Platform, offering financial services to consumers and businesses through 165,000 locations and a variety of channels. Fawry’s services were needed more than ever since the start of the pandemic, and the increasing demand to turn everything digital. As the leading player in Egypt, Fawry benefited the most from the surge in demand for electronic payment services.