Egyptian microfinance firm Tammeyah for Microfinance Services has completed its purchase of Fatura Netherlands N.V., a B2B marketplace, according to a Wednesday (June 15) press release.
Tanmeyah, which was founded in 2009, provides working capital for smaller enterprises and reports having 391,000 clients. The company reports having 304 branches.
Fatura has worked with 60,000 merchants “connecting manufacturers, distributors, and wholesalers with retailers in fragmented B2B industries” in the two years since it was founded, the company states in marketing materials.
“Fatura is a key addition to Tanmeyah’s portfolio, as it offers the company a faster route to digitally transform and develop,” Tanmeyah Chief Executive Hossam AlNaggar said in the announcement.
“We see a huge financing gap in the B2B segment and, by joining forces, we will be able to power digital lending and cover more sectors in Egypt,” he added. “Microfinance continues to play a key role in helping low-income households to access opportunities, stabilize their income flows, and cope with inflationary pressure.”
Fatura Chief Executive Hossam Ali said in a prepared statement, “Together with Tanmeyah, we aim to fundamentally change how B2B works in Egypt, radically facilitating the way trade, financing and payments are done.”
Fatura, which will retain its management, will benefit from Tammeyah’s client base and financial strength, the announcement states. One of the company’s main focuses has been the grocery sector.
See also: B2B eCommerce Platforms, B2B Payments Drive Startup Funding
Rania A. Al-Mashat, Egypt’s minister of international cooperation, said, “This exit is a confirmation that the investment in Fatura has paid off and enabled the company to move forward in developing the volume of its business. Moreover, Egypt Ventures, and its two business accelerators, have invested in more than 175 companies since 2017, and the coming period will witness more success stories in supporting start-ups and exits that enhance the participation of the private sector in economic development.”
Tanmeyah is wholly owned by EFG Hermes Holding. Fatura is backed by shareholders, per the release, with EFG EV Fintech being one of its primary investors since 2020.
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