Wildcat (the “Company”, FWRY.CA on the Egyptian Exchange), Egypt’s leading provider of electronic payment solutions and digital banking services, announced today that it has completed an investment in alsoug.com, the largest platform and Sudan’s online classifieds marketplace, to help develop alsoug’s new fintech platform, Cashi. Fawry has acquired a strategic minority stake in holding company alsoug.com/Cashi, marking the company’s first venture capital investment outside of its Egyptian home market. The investment is part of the first round of venture capital funding announced in Sudan. Fawry played a leading role in the success of the $5 million round, with the company’s presence catalyzing the involvement of other strategic players in Western venture capital. As a strategic investor in alsoug, Fawry intends to leverage its long experience in white label technology solutions to help the platform grow, improving the merchant acquisition operation. of the platform, refining its go-to-market approach and providing valuable insights that inform high-level strategy across all segments of the business.
Founded in 2016 by a team of world-class tech entrepreneurs, alsoug is now Sudan’s leading consumer internet platform and largest digital marketplace. Alsoug is one of Sudan’s most downloaded apps on the Google Play app store with two million downloads and is a platform where sellers can list everything from real estate and cars to services and products basic.
Despite the political and economic headwinds faced by Sudan as it navigates a transformative political transition, the platform has grown rapidly since 2016, reflecting alsoug’s highly skilled team of in-house developers, comprehensive coverage by its teams on the ground, as well as the promising economic fundamentals of Sudan. Going forward, and building on the strategic partnership with Fawry, alsoug will significantly expand its service offering by building a new payment network capable of serving customers across Sudan, one of the largest countries on the continent. African.
Commenting on the transaction, Fawry’s CEO, Eng. Ashraf Sabry said, “We are delighted to launch our partnership with alsoug, one of Sudan’s most exciting prospects and a Sudanese leader in technology innovation. This is our first investment outside of Egypt in our thirteen years of business, and we are confident that our history with alsoug and Cashi will be special. Fawry’s investment in alsoug realizes our plans to venture into underserved international markets by leveraging our technology and partnering with strong local players. This investment will give us the opportunity to strategically expand our footprint in Africa and transfer the experience we have gained in the dynamic Egyptian market to neighboring Sudan, an economy with high potential in several sectors and a large pool of entrepreneurial skills. Meanwhile, Fawry’s strategic partnership with alsoug places him ideally to help guide the platform’s rollout of a nationwide payments system, a feat Fawry has already achieved through a platform scalable, robust and world-class technology.
Alsoug Co-Founder and CEO Tarneem (Nina)Saeed commented, “This investment marks a significant milestone not just for Alsoug, but for the nascent tech space in Sudan as a whole, which has up to “Today has been essentially shut out of the world’s capital markets. I hope this investment is the first of many and that the huge potential of the tech sector in Sudan will be fully realized in the years to come.” We look forward to working with Fawry and our new strategic shareholders to continue our expansion from the classifieds and market space into payments.We will build a payment platform that will bring financial inclusion to all Sudanese.