Three well-known Egyptian technology companies—Dirac Systems, Virtual CFO, and Code Zone—have received strategic investments totaling EGP 80 million from Fawry, Egypt’s top fintech company. The companies will acquire equity stakes of 51.0%, 56.6%, and 51.0%, respectively. These investments support Fawry’s growth strategy by growing its “Fawry Business” ecosystem of business solutions. By making these calculated investments, Fawry maintains its position as a pioneer in Egypt’s fintech and technology industry, providing a more comprehensive range of digital services to companies and helping to shape the nation’s technological environment.
Dirac Systems is a market leader in business automation and enterprise resource planning (ERP) software, providing customized solutions that help companies in a variety of sectors run more efficiently.
A specialist in accounting and finance services, Virtual CFO also helps startups and SMEs better manage their cash flow, compliance, and financial operations.
Finally, Code Zone is a cutting-edge software development firm that specializes in developing sophisticated business management tools for healthcare organizations, such as CRM, HR, financial management, and enterprise operations solutions.
Eng. Ashraf Sabry, Chief Executive Officer of Fawry, commented: “These investments reinforce Fawry’s position as a one-stop digital business solutions provider by expanding the “Fawry Business” suite in ERP and financial management tools, seamless digital payment integrations with advanced accounting and HR solutions, and tailored fintech innovations for SMEs and large enterprises. This move also reflects the role of Fawry Business in empowering companies with cutting-edge financial solutions, driving efficiency, and enhancing digital transformation efforts. Moreover, it reflects Fawry’s confidence in Egyptian technology companies and local talent. By integrating these companies into its ecosystem, Fawry aims to support Egypt’s digital transformation and cashless economy initiatives while driving technological innovation across multiple industries.”
Eng. Mohamed Hamed, CEO of Dirac Systems, commented: “We are thrilled to join forces with Fawry, a market leader in digital payments and financial solutions. This investment marks a significant milestone for Dirac Systems, enabling us to scale our Enterprise Resource Planning (ERP) solutions and expand our impact on businesses of all sizes. Together, we will provide fully integrated digital solutions that empower organizations to enhance operational efficiency, streamline financial management, and accelerate their growth in an increasingly digital economy.”
Ahmed Farouk, CEO of VCFO, commented: “The strategic alliance with Fawry will deliver comprehensive, integrated solutions for managing financial operations, cash flow, and accounting, including seamless electronic invoicing for shared clients. This partnership is set to drive significant positive impacts, enhancing business efficiency, strengthening the tax system, and contributing to the overall growth of Egypt’s business ecosystem.”
Eng. Mohamed Youssef, CEO of Code Zone, commented: “The investment aims to enhance innovation and technological excellence by integrating Code Zone’s expertise in software development with Fawry’s leadership in electronic payments. Together, we seek to develop advanced solutions that meet customer expectations, offering comprehensive and integrated platforms that seamlessly combine technology and innovation.”
