- alsoug.com, Sudan’s largest digital classifieds and marketplace company has secured $5 million in funding, to establish a national payments network enabling quick, easy and safe transactions.
- This reportedly is the biggest foreign investment in Sudan’s tech sector after the lifting of the U.S. sanctions last year after a 30-year period of isolation.
Fintech remains one of the fastest-growing sectors across Africa during the past decade, revolutionising and simplifying the mode of financial transactions. alsoug.com, Sudan’s largest digital classifieds and marketplace company has secured $5 million in funding, to establish a national payments network enabling quick, easy and safe transactions. This reportedly is the biggest foreign investment in Sudan’s tech sector after the lifting of the U.S. sanctions last year after a 30-year period of isolation.
The site, which was founded in 2016 facilitates buying and selling of goods and services. The listed items include real estate, cars and furniture as well as job openings and services. Egyptian e-payments firm, Fawry is also a partner in the deal with a minority stake in alsoug.com, marking its first investment outside its home country. Some established Western venture capital funds also are investors in the round include.
The funding will be used to expand alsoug’s presence in fintech. The company’s payment platform, Cashi, will create a network enabling people to deposit, withdraw and transfer cash and transact digitally transforming alsoug as the largest digitally-driven network of its kind in the country. The company said in a statement that apart from its investment in payments, it will continue to build its marketplace by offering new services. Commenting on the transaction, Fawry CEO Eng. Ashraf Sabry said that Fawry’s investment in alsoug is in line with its strategy to venture into underserved international markets by leveraging its technology and partnering with strong local players.
