Tanmeyah for Microfinance Services, a wholly-owned subsidiary of EFG Hermes Holding and Egypt’s leading provider of microfinance solutions, acquired Egyptian startup Fatura.
KAMPALA | LIFESTYLE UGANDA — Tanmeyah for Microfinance Services, a wholly-owned subsidiary of EFG Hermes Holding and Egypt’s leading provider of microfinance solutions, has acquired Egyptian startup Fatura, which connects wholesalers and manufacturers with retailers.
In 2019 Hossam Ali, Ahmed Anwar, AbdAllah Mohebeldin, and later Ahmed Al Bakary established Fatura to provide FMCG retailers with a mobile application that lets them access a network of carefully vetted wholesalers.
Fatura, which raised US$3 million in a pre-Series A funding round last year, brings together retailers, manufacturers, and wholesalers in one place, offering its users a variety of innovative services including a product marketplace with live product viewing and price transparency, as well as marketing support.
Tanmeyah, the company’s subsidiary owned by EFG EV Fintech, has now acquired Fatura, which has been an EFG Hermes Holding investor since 2020.
Karim Awad, the CEO of EFG Hermes Holdings, said the deal marked a major milestone for Tanmeyah, which has grown into a major player in 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.”
The CEO of Fatura, Hossam Ali, said he is proud of what his team has accomplished, and he is “super excited” about the future.
“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.”