Tanmeyah for Microfinance Services, a wholly-owned subsidiary of EFG Hermes Holding and Egypt’s top supplier of microfinance solutions, has acquired Egyptian startup Fatura, which links wholesalers and producers with retailers across several sectors.
Fatura was founded in 2019 by Hossam Ali, Ahmed Anwar, and AbdAllah Mohebeldin, who were subsequently joined by Ahmed Al Bakary, to address the demand of FMCG merchants by delivering a user-friendly smartphone application that allows them to access a network of rigorously verified wholesalers.
Last year, the business raised $3 million in a pre-Series A investment, bringing together retailers, producers, and wholesalers in one location. Fatura provides a variety of unique services to its consumers, including a marketplace with real-time product browsing and price transparency, as well as B2B purchase now, pay later services and marketing help.
Fatura has been a Fatura investor since 2020, and EFG EV Fintech, EFG Hermes Holding’s fintech investment and acceleration arm, has now bought the firm through its subsidiary Tanmeyah. Tanmeyah has developed to become a prominent participant within EFG Hermes Holding’s non-bank financial institutions framework, according to EFG Hermes Holding CEO Karim Awad.
“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.”
Fatura CEO Hossam Ali expressed his pride in his team’s accomplishments and expressed his excitement for the next phase.
“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.”