The mass retail industry is booming in Egypt since 2020. The boom is attracting new actors who either want to capitalize on the commercial opportunities or offer new financial products. 

Tanmeyah Microenterprise Services, a leading microfinance institution in Egypt, recently acquired Fatura, a startup that connects suppliers with retailers. The information was disclosed on Wednesday, June 15, but the amount of the transaction was not stated.  

According to Karim Awad, CEO of Tanmeyah’s parent company (EFG Hermes Holding), the deal marks a major milestone for the Egyptian microfinance institution.  “This acquisition marks a major milestone for Tanmeyah, which has grown to become a key player under our Non-Bank Financial Institutions (NBFI) 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. [...] 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,” he commented. 

Fatura started operations in Egypt in 2019. In July 2020, the startup successfully raised about US$1 million in its seed round led by Disruptech with EFG Hermes and The Cairo Angels and angel investors as participating investors. In June 2021, it raised another US$3 million in a pre-series A round led by Sawari Ventures, Arzan VC, Egypt Ventures, EFG-EV, The Cairo Angels, and Khwarizmi Ventures. Within three years, it expanded its presence to 22 governorates in Egypt. It also built a network of more than 60,000 merchants.

Muriel Edjo