Egyptian startup Fatura, which 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.”
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.”