Egyptian digital payment service Fawry has reached a valuation of one billion dollars.

Fawry, an Egyptian electronic payments company, has made history by becoming the first technology company in Egypt to achieve a billion-dollar valuation. With a current market cap of over $1 billion, Fawry offers over 250 electronic payment services through a network of over 105,000 service points across 300 cities in Egypt.

The services provided by Fawry are accessible through a wide range of service points, including ATMs, mobile wallets, retail shops, post offices, and little vendor kiosks. This extensive network, spanning across over 105,000 locations, makes Fawry's services readily available in 300 cities across Egypt.

The company's financial success is evident in its impressive revenue and net profit figures. For the first half of 2020, Fawry's revenue increased by 47 percent year-on-year to EGP 549.26 million ($34.41 million). Moreover, the company's net profit for the same period saw a significant jump of over 135 percent year-on-year to EGP 85.9 million ($5.38 million).

The surge in demand for electronic payment services, driven by the Covid-19 pandemic, has greatly benefited Fawry. Since its debut at The Egyptian Exchange in August last year, Fawry's stock price has increased by over 300 percent. However, the price of Fawry's stock dropped to one of its lowest points of EGP 7 per share in March. Since then, the stock price has been on an upward trajectory, reaching a high of EGP 22.69 during intraday trading.

While the financing institution behind Fawry that helped it reach a billion-dollar valuation is not explicitly mentioned in the provided search results, it is clear that Fawry's success story is a testament to the growing digital economy in Egypt. As more businesses and individuals embrace electronic payments, Fawry is poised to continue its growth and contribute to Egypt's digital transformation.

Egyptian digital payment service Fawry has reached a valuation of one billion dollars.