Fawry for Banking Technology and Electronic Payment is officially a Unicorn, Fawry’s former Managing Director Mohamed Okasha announced on his LinkedIn account, clarifying that the company’s market capitalization hit $1 billion.
A unicorn is a business term to indicate a privately held startup company valued at over $1 billion.
Fawry is the first Egyptian company to reach a market cap of $1 billion.
Fawry, currently owned by five local, foreign and Arab funds, was established in 2009 and is operating in the field of banking technology and provides financial services to individuals and companies. The management and employees account for about 8 percent of the company's shares.