In the rapidly evolving landscape of digital payments and technology-driven financial services, Fawry, MyFatoorah, and Rasan Information Technology represent the forefront of digital payment and technology-driven financial services in their respective markets. Through their commitment to innovation, customer-centric solutions, and regional expansion, these companies are shaping the landscape of digital finance and contributing to the advancement of financial inclusion and seamless experiences for businesses and consumers alike.
Fawry
Fawry for Banking Technology and Electronic Payments, established in 2008 and headquartered in Egypt, has emerged as a leading e-payment platform in the region. Founded by Ashraf Sabry, Seif Coutry, Medhat Khalil, Magda Habib, and Amjad Sabry, the company offers a range of services, including electronic bill payments and mobile top-ups.
Fawry operates on a peer-to-peer model, enabling corporates and SMEs to accept electronic payments through various channels such as websites, mobile phones, and POS systems. With a vast network comprising 36 member banks and over 280,000 agents, Fawry serves an impressive 49.4 million users. In 2022 alone, the company processed transactions worth $6.8B, highlighting its significance in the electronic payment ecosystem.
In November 2022, Fawry’s subsidiary, Fawry Microfinance, launched a mobile app called “Tamweelak Fawry,” offering a digital loan request and tracking service. The company’s remarkable growth is reflected in its financial performance. In 2022, Fawry’s revenue increased by an impressive 37.5% to reach $75M. Furthermore, its market capitalization stood at $542M as of March 21. The company’s largest shareholder is ADQ, with a significant stake of 12.6%.
As the first banking agent authorized by the Central Bank of Egypt (CBE), Fawry Plus provides customers with access to a comprehensive range of banking and financial services across its network of over 200 branches throughout Egypt. The company places a strong emphasis on efficiency and convenience, ensuring that customers can easily access and utilize its diverse offerings.
In alignment with the Egyptian government’s vision for financial inclusion, Fawry also plays a crucial role in providing microfinance products for merchants and SMEs, particularly those with limited access to traditional financial institutions. By offering these tailored solutions, Fawry contributes to empowering businesses and driving economic growth in the region.
Fawry’s FMCG platform serves consumer goods companies and merchants, facilitating smoother and cashless transactions. From e-ordering technology to working capital finance and cash management systems, the platform streamlines deals and communications, enhancing the overall experience for all stakeholders. Moreover, Fawry Consumer Finance empowers consumers by offering “buy now, pay later” opportunities, leveraging cutting-edge technology to enable customers to make purchases at their own pace and convenience.
With its unwavering commitment to innovation and customer-centric solutions, Fawry for Banking Technology and Electronic Payments continues to shape the digital payment landscape in Egypt and beyond, playing a pivotal role in advancing financial inclusion and providing seamless experiences for businesses and consumers alike.
MyFatoorah
MyFatoorah, founded by Abdullah Aldabbous in 2016 and headquartered in Kuwait, is a prominent payment solutions company that offers a range of digital payment services to e-commerce merchants and business owners. The company’s comprehensive offerings include electronic invoices, payment gateways, shipping solutions, and POS terminals.
With a strong presence across multiple countries, including Kuwait, Saudi Arabia, the UAE, Qatar, Bahrain, Egypt, Jordan, and Oman, MyFatoorah has established itself as a key player in the digital payment industry and has also expanded its reach serving clients in Lebanon, Türkiye, the US, and Europe.
MyFatoorah’s impressive growth is evident in its transaction volume. In 2022 alone, the company processed a staggering $3.8B in transactions, demonstrating its significant impact on the e-commerce landscape. Furthermore, the company has garnered over 367,000 app downloads and boasts more than 75,500 active users as of December 2022, highlighting its popularity among businesses and consumers alike.
In February 2023, MyFatoorah further strengthened its position in the market by signing a cooperation agreement with Fawry, a leading payment platform. This partnership enables MyFatoorah to provide FawryPay reference code service to its customers and merchants in the Egyptian market, enhancing its offerings and expanding its footprint in the region.
As a forward-thinking payment solutions provider, MyFatoorah recognizes the importance of staying at the forefront of digital payment advancements. The company’s dedication to offering a seamless and secure payment experience has positioned it as a trusted partner for merchants and business owners seeking to optimize their operations.
As MyFatoorah continues to grow, the company remains committed to driving innovation in the payment solutions industry and providing businesses with the tools and services they need to thrive in the digital economy.
Rasan Information Technology
Rasan Information Technology, established in 2016 and headquartered in Saudi Arabia, is a prominent player in the field of insurtech and banking solutions. Founded by Moayad Alfallaj, Suliman Alfallaj, Thamer Alfallaj, and Ayman Alfallaj, the company offers a range of innovative products and platforms to cater to the insurance and banking needs of its customers.
One of Rasan’s flagship offerings is Tameeni Motor, a platform that enables retail and SME customers to compare insurance prices and coverage options, select the most suitable policy, and conveniently pay for it. This user-friendly solution empowers customers to make informed decisions about their motor insurance needs.
Rasan also provides Tameeni SME Health, catering specifically to small and medium-sized enterprises in the healthcare insurance sector. This solution enables SMEs to offer comprehensive health insurance coverage to their employees, ensuring the well-being of their workforce.
Rasan Information Technology also operates AwalMazad, an online auction platform that facilitates the sale of salvaged or repossessed vehicles for insurance companies and banks in Saudi Arabia. This platform streamlines the process, making it efficient and transparent for all parties involved.
With a user base of over 10 million, Rasan Information Technology has garnered significant traction in the market. In 2022 alone, customers utilized the platform to purchase insurance policies worth an impressive $1.2B, highlighting its strong presence and influence in the insurance industry.
While Rasan primarily operates in Saudi Arabia, it has expanded its reach to include offices in Egypt and the UAE, signaling its commitment to regional growth and providing its innovative solutions to a wider audience. Looking ahead, Rasan has ambitious plans, including an initial public offering (IPO) slated for 2023.
As Rasan Information Technology continues to evolve, its focus remains on leveraging technology to revolutionize the insurance and banking landscape. By providing comprehensive and user-friendly platforms, the company empowers individuals, SMEs, insurance companies, and banks to streamline their operations, enhance customer experiences, and drive growth in the ever-changing digital economy.
