alsoug Raises $5M in First Foreign Tech Investment Into Sudan Since Lifting of International Sanctions
Summary
The investment will expand alsoug’s presence in fintech, building on the company’s payment platform, Cashi, by creating a network enabling people to deposit, withdraw and transfer cash and transact digitally. With this fundraising, we expect Sudan to catch-up with the rest of the continent.” The investment has been co-led by Fawry, the first and largest digital payments company in Egypt and the country’s first unicorn, with a current market cap of more than $1.5 billion. This investment will allow us to strategically expand our footprint into Africa and transfer the experience we’ve gained in the dynamic Egyptian market to neighboring Sudan, an economy with major potential across several sectors and with a significant pool of entrepreneurial talent. Meanwhile, Fawry’s strategic partnership with alsoug leaves it ideally placed to help guide the platform’s rollout of a countrywide payments system, a feat which Fawry has already managed through a scalable, robust, and best-in-class technology platform.” Magdi Amin, Senior Advisor to Sudan’s Minister of Finance, said: “Following three decades of sanctions, international isolation and limited official development support, the economy has developed without full participation in the digital revolution that continues to transform industries globally. By moving traditionally male-dominated public spaces online, we have enabled women to take charge of key life purchases like cars, real estate and electronics, so they no longer have to be reliant on a man.” To find out more click here.