Egypt-based digital payment company Fawry plans to expand its business in the UAE, Saudi Arabia, and Kuwait. While the company plans to expand in the UAE by the end of this year, it plans to expand in Saudi Arabia and Kuwait by 2020.

Co-Founder & Managing Director at Fawry, Mohamed Okasha told the media that, “We are looking at Arab countries where many Egyptians live whom we can offer many services such as bill payments. We hope to enter the Saudi and Kuwaiti markets in 2020.”

According to Mohamed Okasha, Fawry is also considering a deal with a UAE bank to use its technology platform in the UAE and other gulf countries. He also revealed that the company has no plans to expand its business in Africa.

Earlier in August, Fawry went public on The Egyptian Exchange which was also the first Egyptian IPO of the year. The company offered 36 percent which is approximately 254.6 million of its shares on the stock exchange to raise $100 million. On the first day of trading, the company’s shares soared 31 percent giving the company a market capitalisation of $366 million.

A week prior to the IPO, the company also raised around $22 million through an oversubscribed private share placement. According to reports, Fawry targeted financial institutions and major investors through the placing.

Founded in 2008 by Mohamed Okasha and Ashraf Sabry, Fawry offers over 250 electronic payment services through its network of over 100,000 service points across Egypt. The company, which handles around 2.1 million transactions daily, collected $2.43 billion last year.

While Fawry currently has 70 branches in Egypt, the company plans to increase its branches to 300.