The company had announced in July 2023 that it was in talks with Saudi Payments, a subsidiary of the Saudi Central Bank, to obtain the necessary licenses and certifications for expansion into the Saudi market by the end of 2023.

For some reason, these negotiations did not conclude as initially planned. 

Fawry, founded in 2008, has become the largest e-payment platform in Egypt.

The company reported a 58 percent year-over-year revenue growth for the second quarter of 2024, increasing from EGP 768 million to EGP 1.212 billion in Q2 2023.

Despite this growth, overall expenses as a percentage of revenue decreased, although marketing and HR costs rose.

The company also announced in its financial statements a decrease in overall expenses as a percentage of revenue despite increases in marketing and HR costs.

In October 2023, the company had sold 161.4 million shares at a value of EGP 903.88 million, as announced by the Egyptian exchange. 

Fawry announced in November the completion of a thorough cybersecurity assessment process and examination of infrastructure following reports of a potential ransomware attack, collaborating with Group-IB to evaluate and address the issue.