EGYPT – Fatura, a startup that connects wholesalers and manufacturers with retailers across different industries, has been acquired by Tanmeyah for Microfinance Services, a wholly-owned subsidiary of EFG Hermes Holding and Egypt’s leading provider of microfinance solutions.
EFG EV Fintech, EFG Hermes Holding’s fintech investment and acceleration arm, has been a Fatura investor since 2020, and its subsidiary Tanmeyah has now acquired the company.
EFG Hermes Holding CEO Karim Awad said the deal marked a major milestone for Tanmeyah, which has grown to become a key player under our non-bank financial institutions platform.
“Tanmeyah turned to this strategic acquisition to bolster its digital transformation and enrich its product and service offerings to become more holistic and support Egypt’s microfinance space,” he said.
“We’ve always seen potential in Fatura, and we are firm believers in its ability to innovate in the B2B digital space, which is why our very own EFG EV Fintech made the decision to become one of the early investors in the company years ago.”
Founded in 2019 by Hossam Ali, Ahmed Anwar and AbdAllah Mohebeldin, who were later joined by Ahmed Al Bakary, Fatura was established to meet the demand of FMCG retailers by providing a simple-to-use mobile application that allows them to access a network of carefully vetted wholesalers.
The startup, which closed a US$3 million pre-Series A funding round last year, brings together retailers, manufacturers, and wholesalers in one place.
The round was led by Sawari Ventures and Arzan Venture Capital and saw participation from Egypt Ventures, EFG-EV, Cairo Angels, and Khwarizmi Ventures. In July 2020, the company raised an unknown amount of money in a seed round.
Fatura offers its users a multitude of innovative services, ranging from a marketplace with live product viewing and price transparency to B2B buy now pay later services and marketing support services.
Fatura CEO Hossam Ali said he was proud of what his team had achieved, and “super excited” about the next chapter.
“In just two years, and backed by a solid team of 500 believers, we have built a solid startup that has grown exponentially across the whole nation and impacted over 60,000 merchants,” he said.
“We are honoured to be setting the benchmark in the Egyptian startup ecosystem for M&A between digital disruptors and industry leaders, and firmly believe that this milestone will ignite a wave of more successful examples.”
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