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responsAbility Partially Exits Fawry in IPO, Invests in Aye Finance

Egypt-based electronic payments platform Fawry has raised EGP1.6 billion (approximately USD96 million) in its initial public offering (IPO) on The Egyptian Exchange. As part of the IPO, Africa-focused private investment firm Helios Investment Partners and impact investment fund manager responsAbility Investments, which respectively invested in Fawry in 2015 and 2017, completed partial exits of their stakes in the company. Separately, responsAbility has provided USD10 million in debt financing for India-based business lender Aye Finance. The company, which offers loans to companies annually profiting between INR1 million and INR10 million (USD14,000 and USD140,000), plans to use the funds to grow its lending capacity.