Egypt-based payment company, Fawry’s market cap surges to $830 million.

Egyptian Electronic payments company, Fawry has seen its market cap surge to $380 million.

Fawry is an electronic bill payment and presentment (EBPP) network that allows users to securely pay their bills and top up their mobile phones through the various electronic channels available at banks and a network of retailers

Aside from that, Fawry’s stock price has increased by about 300 percent to EGP 18.78 ($1.17) since its launch at The Egyptian Exchange in August last year.

After an initial surge during the first two months of the stock market’s first appearance, Fawry’s share price remained almost flat until March. And it saw the lowest point on March 18, when they were trading at EGP 7 per share.

Fawry has seen an increase of over 250 percent to climb to EGP 18.78 today. So far as the stock continues to progress, the Egyptian company can hit the billion-dollar market cap within the next few weeks.

COVID-19 pandemic is one of the causes of the surge in its stock since more people have adopted digital payments and eCommerce all across the region and Fawry, leading payments in  Egypt is gaining more interest from investors.

Its revenues in the first quarter of 2020 were EGP 257.99 million ($16.04 million) which was EGP 173.88 million ($10.81 million) for the first quarter in 2019.

However, the profits of the Egyptian company has increased by over 80 percent to EGP 38.04 million ($2.37 million) in the first quarter of 2020.

At the moment, Fawry offers more than 250 electronic payment services through its network of over 105,000 service points across 300 cities in Egypt including ATMs, mobile wallets, retail shops, post offices, and little vendor kiosks.

Fawry was founded in 2008 by Ashraf Sabry and Mohamed Okasha in Cairo, Egypt.