Egyptian startup Fatura, which connects wholesalers and manufacturers with retailers across different industries, has been acquired by Tanmeyah for Microfinance Services, a wholly-owned subsidiary of EFG Hermes Holding and Egypt’s leading provider of microfinance solutions. The startup – which closed a US$3 million pre-Series A funding round last year – brings together retailers, manufacturers, and wholesalers in one place. Fatura offers its users a multitude of innovative services, ranging from a marketplace with live product viewing and price transparency to B2B buy now pay later services and marketing support services. EFG EV Fintech, EFG Hermes Holding’s fintech investment and acceleration arm, has been a Fatura investor since 2020, and its subsidiary Tanmeyah has now acquired the company. EFG Hermes Holding CEO Karim Awad said the deal marked a major milestone for Tanmeyah, which has grown to become a key player under our non-bank financial institutions platform.

Source: The North Africa Journal June 20, 2022 06:49 UTC