In 2015 Fawry was the largest provider of digital payments in Egypt, providing a way for unbanked and underbanked customers to conveniently pay telecommunications bills in cash.

Helios saw an opportunity to diversify Fawry from a bill payment business into a payments company serving Egyptians with offline and online distribution channels. In November 2015, Helios anchored an investment consortium to acquire 85% of Fawry for a collective enterprise value of ˜USD100m.

Fawry’s IPO on the Egyptian exchange in 2019 was 30 times oversubscribed.