RIYADH: A leading Egyptian e-payment gateway valued at almost $1.3 billion said it seeks to list a stake on the American stock market.
Fawry, which debuted on Cairo’s stock exchange back in 2019, also announced plans to boost its capital by 800 million Egyptian pounds ($51 million), CNBC Arabia reported.
The firm’s profits jumped 33.4 percent during the first nine months of 2021 compared to a year earlier, reaching 194 million Egyptian pounds.
Egyptian online payment providers, Fawry included, benefited from COVID-19. Lockdowns and social distancing measures, led to more activity for online-based platforms.
Fawry executed as much as 1.1 billion transactions during pandemic-hit 2020, up from 868 million transactions a year earlier, Daily News Egypt reported.
Founded in 2008, Fawry offers electronic payment solutions with the aim of availability in over 225,000 locations in Egypt, according to the company's website.
