The funding round also saw participation from several renowned co-investors, including Johnson & Johnson, Sanofi, Beyond Capital Ventures, Angaza Capital, and others.

In the wake of the Heritage Bank crisis, fintechs are grappling with the challenge of rebuilding customer trust. While those covered by the NDIC can leverage this as a selling point, others must find alternative ways to demonstrate their commitment to financial security.

Fawry employees collectively hold 43.1 million shares in the company, representing a portion of the over 227 million shares allocated under the company’s Employee Stock Ownership Plan (ESOP)

Co-founders Mohamed Tarek and Mostafa Barakat have since left the company to pursue other endeavors, and Cassbana’s website is no longer active.