EFG Hermes' unit acquires tech-driven B2B platform Fatura

Cairo - Mubasher: Tanmeyah for Microfinance Services, a wholly-owned subsidiary of Egyptian Financial Group Hermes Holding (EFG Hermes), has acquired Fatura Netherlands B.V. (Fatura), a tech-driven B2B platform.

With a regional footprint of 22 governorates in Egypt, the platform brings together retailers, manufacturers, and wholesalers and provides users with several innovative services, according to a press release.

The transaction comes in line with Tanmeyah’s objective to equip the Egyptian microfinance landscape with more innovative products, prepare for its next phase of growth, and support its digital transformation.

The Egyptian Minister of International Cooperation, Rania A. Al-Mashat, commented: "Tanmeyah’s acquisition of Fatura, backed by Egypt Ventures, and its accelerator EFG EV Fintech, which is a partnership with EFG Hermes Holding, comes in line with the Government of Egypt’s efforts to increase the involvement of, and to empower, the private sector, as a major driver of comprehensive and sustainable economic growth."

Meanwhile, the Group CEO of EFG Hermes Holding, Karim Awad, said: "This acquisition marks a major milestone for Tanmeyah, which has grown to become a key player under our Non-Bank Financial Institutions (NBFI) platform."

Mubasher Contribution Time: 16-Jun-2022 13:55 (GMT)
Mubasher Last Update Time: 16-Jun-2022 13:55 (GMT)