Fawry Announces Its Intention To Raise EGP 800 million and Explore U.S. Listing
Fawry for Banking and Payment Technology Services S.A.E. (the “Company”, FWRY.CA on the Egyptian Exchange) announced today its plans to raise EGP 800 million of growth capital through a rights issue to existing shareholders. The proceeds will be used to fund a new chapter of expansions in financial services for both consumers and merchants. In addition to growing the Company’s offerings on MyFawry, the offering will help position the Company on the forefront of the Super App opportunity in Egypt.
Moreover, Fawry will continue to invest in strengthening its position on merchant acquiring as well as supply chain solutions. A portion of the proceeds will also be directed towards executing the Company’s investment strategy. Fast tracking innovation and supporting the budding ecosystem of high growth startups and fintech that complement Fawry’s offering. Through e-commerce, logistics, fintech services, insuretech among other verticals.
The Company’s board of directors, including the directors representing the main shareholders of the Company (whether representing institutional investors or financial institutions), have approved the proposal. To increase the capital to finance the company’s growth plans in the event that the necessary shareholder and regulatory approvals are obtained.
The Company’s board of directors also approved the creation of an American Depositary Shares (“ADS”) program. And is exploring a listing in the United States in connection with a potential SEC-registered secondary offering. The timing, number of ADSs and price of the proposed offering have not yet been determined. The proposed offering is subject to market conditions, shareholder and regulatory approvals. And there can be no assurance as to whether, or when, the offering may be completed or as to the actual size or terms of the offering.
These materials are not an offer for sale of any securities in the United States. The securities may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any public offering of securities will be made by means of a prospectus that may be obtained from the Company. And that will contain detailed information about the Company and management, as well as financial statements.
MoCaFi, founded by Nigerian Wole Coaxum, raises $23.5M funding to end racial wealth inequality
MoCaFi Founder and CEO, Wole Coaxum (Image: Wole Coaxum)
Mobility Capital Finance, Inc. (“MoCaFi”), a turnkey fintech platform leading financial empowerment for traditionally underserved communities, announces $23.5M in Series-B financing, led by Commerce Ventures. MoCaFi provides Financial Services as Infrastructure™ to various levels of government to improve the efficiency of providing financial and other resources to underserved communities across the country. The company’s mission is to help excluded communities create wealth through better access to public, private, and social capital.
Founded in 2016 by Wole Coaxum, a Black former Wall Street Executive who was inspired by the 2014 murder of teenager Michael Brown in Ferguson, MO, to address stark social inequities by closing the racial wealth gap. MoCaFi advances a vision of socioeconomic justice by creating pathways to financial empowerment for millions of unbanked or underbanked Americans. With over $100 million of financial resources disbursed to underserved communities across 15 cities and counties across the country, MoCaFi is utilizing its capital to fulfill that vision and scale.
“Commerce Ventures has been unbelievably impressed by MoCaFi’s passion for helping underserved communities access high-quality, affordable financial services,” said Dan Rosen, Founding Partner and Head of Fintech Investments at Commerce Ventures. “MoCaFi’s scalable payments platform enables government agencies (Federal, State and Local) to disburse benefits directly to vulnerable populations in some of the country’s largest municipalities, including Los Angeles, CA, St. Louis, MO and Birmingham, AL. We’re excited to see the company deliver similar value to the next dozen municipality clients while also enabling the under-banked to get access to digital banking services and pathways to accessing credit and building wealth.”
“We are pleased to be joined by new investment partners with such valuable expertise. MoCaFi has established unique government partnerships that are capable of creating dramatic impact at scale, for millions of Americans currently unable to access quality financial services and benefits.”, said Tom Hutton, lead Series A Investor and investor in the Series B round, MoCaFi Board Member and accomplished Fintech venture capitalist.
Billions of dollars in public benefits are left unspent due to various complexities and inefficiencies in disbursement methods. MoCaFi’s platform provides governments with a solution that increases adoption and delivers benefits efficiently while reducing fraud.
“MoCaFi has been the perfect partner for the City of Birmingham. Over the last three years, we have delivered almost $20 million in emergency assistance to thousands of families – keeping them in their homes and keeping the lights on, and we couldn’t have done it without MoCaFi. More than just a payment processor- the MoCaFi team has been a fully engaged thought partner from conception through execution. We are incredibly appreciative of their support and hope to work with them again soon!” said Kelvin Datcher, Senior Advisor to the Mayor of Birmingham.
“We are excited to welcome the new investors to the MoCaFi mission, and appreciate the support of our existing investors, many of whom continue to show their trust by participating in the latest round . This Series B round allows MoCaFi to scale quickly and validates our unique business proposition. With this capital and more importantly, support from these terrific strategic investors, we can continue to innovate and bring our products and services to more municipalities, government entities and community partners – ultimately helping more people.” said Wole Coaxum, MoCaFi CEO & Founder.
Angola becomes ATI’s 21st Member State, pays USD25m in capital subscription fees
The Republic of Angola has become the 21st African Member State and the 1st Lusophone Member State of pan-African insurer, Africa Trade Insurance Agency – ATI, after paying a capital subscription of USD25 million. The membership was funded the Angolan National Treasury resources and proceeds from the landmark BITA water project – a strategic public investment for the construction of infrastructure for the treatment, supply and storage of drinking water that will benefit 2.5 million people in Angola.
Welcoming Angola’s membership, ATI’s Chief Executive Officer, Manuel Moses, noted the country’s demonstration of its commitment to diversify its economy through ATI’s trade and investment risk mitigation solutions.
“We are happy to support Angola in its quest to economic diversification and becoming an agricultural powerhouse on the African continent. Angola’s membership is timely as ATI’s risk mitigation and credit enhancement services will act as a catalyst for strengthening and diversifying Angola’s economy, supporting both increased investment, exports and trade under Africa’s continental framework of the AfCFTA,” Mr. Manuel said.
Under this one of a kind blended finance and guarantee innovative structure, the Republic of Angola – along with the lenders covered by ATI under the transaction – agreed for the use of proceeds under the syndicated loan to also include the financing for the purpose of Angola becoming a member of ATI. ATI provided guarantee and insurance support for this World Bank’s partially guaranteed facility to the Government of Angola for the expansion and improvement of water supply service in the urban and peri-urban belts of Luanda.
ATI’s gross exposure in Angola, the largest country in Southern Africa Region, currently stands at USD467M mainly in construction, energy & gas, trade & transport, water supply and wholesale & retail sectors, with transactions valued at USD1.4B.
“This development was made possible because of ATI’s pan African mandate that allows the organization to cover transactions in Angola and beyond, despite ATI non-membership. Now that Angola is a fully-fledged shareholder of ATI, the country can fully access more of ATI’s guarantee solutions to attract more Foreign Direct Investments and boost its internal and external trade across the region,” Mr. Manual explained.
Angola’s economy is mainly driven by its oil sector but the country seeks to pursue new growth models for economic diversification through the agricultural sector and private sector development.
With ATI’s support, Angola is on the path to fiscal consolidation, manage their debt ceiling, increase in public and private investment, in order to resume the ascending curve of sustainable and inclusive economic growth as well as human development.
ATI has grown from a small African start-up in 2001 into a pan-African institution with presence across Africa and with a significant global reach. Besides Angola, other member countries include Benin, Burundi, Cameroon, Côte d’Ivoire, Democratic Republic of Congo, Ethiopia, Ghana, Kenya, Madagascar, Malawi, Niger, Nigeria, Rwanda, Senegal, South Sudan, Tanzania, Togo, Uganda, Zambia, and Zimbabwe.
Institutional members include African Development Bank, African Reinsurance Corporation, Atradius Group, Chubb, CESCE (Spanish ECA), Ministry of Finance India (represented by ECGC), SACE SIMEST, The Common Market of Eastern and Southern Africa (COMESA), Trade and Development Bank (TDB), Kenya-Re, The PTA Reinsurance Company (Zep-Re), and the UK Export Finance.
Dawi Clinics raises EGP 250 million to fund its expansion in Egypt
Dawi Clinics, the largest chain of outpatient care in Egypt, has raised EGP 250 million to fund the growth of its chain of clinics across the Egyptian market by opening 30 new branches. The investment round is led by Al Ahly Capital Holding (ACH), the local investment arm of the National Bank of Egypt (NBE) with a co-investment by the Egyptian-American Enterprise Fund (EAEF), a US Congressionally-supported investment fund, and already invested in Dawi.
Dawi Clinics, which is currently operating 20 branches across 10 governorates, offers coordinated family care provided by more than 260 doctors across multiple specialties. In 2022, Dawi offered its services to more than 120 thousand patients across the country. The Clinics’ unique operating model delivers better health outcomes by handpicking physicians and enabling them to work in a coordinated manner through a cloud-based medical electronic record platform that keeps all patient medical data on file.
“We are pleased to partner with the founders of Dawi, a company which has impressively grown over the past years with strong and dynamic management. We believe that this investment complements and fits well with the mission statement and growth strategy of our healthcare platform, providing high quality affordable healthcare services across the country. We look forward to continuing to expand in Dawi and our healthcare platform hand in hand.”, commented Karim Saada, Managing Director of ACH.
On his part, EAEF’s chairman James Harmin noted: “We are excited to support Dawi Clinics in its next stage of growth. Founded and led by two prominent women entrepreneurs, Dawi is revolutionizing Egypt’s healthcare market by offering consumers a comprehensive offering of health services through its primary care clinics. We look forward to supporting Dawi in the years ahead as it delivers on its mission to provide quality, affordable healthcare to consumers across Egypt”
“Securing new investments amid ongoing local and global economic challenges is a testimony to the value inherent in the Egyptian market, particularly in the healthcare sector and more specifically in the ability of Dawi Clinics to unlock this value and deliver superior returns”, said Magda Habib, Co-founder and CEO of Dawi Clinics.
She added: “Our proven and unique operating model across 20 successful branches is the reason that these investors have put their trust, and their money, in Dawi Clinics”.
“Our doctors are our key asset. We are proud of our high caliber, empathetic, young, and educated team of doctors. We have high trust in the superior caliber of Egyptian physicians graduated and trained in Egyptian medical institutions When supported by a solid institution that operates within a structured framework, they can deliver superior care and better outcomes for each of our patients” said Mairose Doss, co-founder and COO at Dawi Clinics.
ACH was represented in the investment round by MHR & Partners in association with White&Case. EAEF was represented by Nour & Partners in association with Al Tamimi & Company. Dawi was represented by Ibrachy Legal Consultancy (I&P)
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