Fatura, which connects wholesalers and manufacturers with retailers across various industries in Egypt, has been acquired by Tanmeyah for Microfinance Services, a wholly-owned subsidiary of EFG Hermes Holding and Egypt’s leading provider of microfinance services.
KAMPALA | NOW THEN DIGITAL — A pioneering Egyptian start-up named Fatura, which connects manufacturers and wholesalers with retailers across various sectors, has been acquired by Tanmeyah for Microfinance Services, a wholly-owned subsidiary of EFG Hermes Holding and Egypt’s top microfinance provider.
- 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.
- Hossam Ali, Ahmed Anwar, and AbdAllah Mohebeldin founded Fatura in 2019. They were joined later by Ahmed Al Bakary in meeting the demand of FMCG retailers through a simple-to-use mobile application that connects them to carefully vetted wholesalers.
- In 2020, EFG EV Fintech, EFG Hermes Holding’s fintech investment and acceleration arm, invested in Fatura, and now Tanmeyah owns the company.
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Fatura, a company founded in 2019 by Hossam Ali, Ahmed Anwar, and AbdAllah Mohebeldin, was established to meet the demands of FMCG retailers by providing a simple-to-use mobile application that allows them to connect with a vetted network of wholesalers.
Startup Fatura – which closed a pre-Series A financing round of US$3 million last year – brings together retailers, manufacturers, and wholesalers among itself, offering a wide range of innovative services that range from a marketplace with live product viewing to B2B payment options and marketing support.
EFG Hermes Holding’s fintech investment and acceleration arm, EFG EV Fintech, has invested in Fatura since 2020, and its subsidiary Tanmeyah has now acquired the company.
Karim Awad, CEO of EFG Hermes Holding, noted that the deal marked another major step forward for Tanmeyah, which has grown into an important player in our nonbank 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.”
Hossam Ali, CEO of Fatura, said he was extremely proud of what his team had accomplished, and he looked forward to 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.”