News

Foodics Acquires Online-Ordering Specialist & Invests In 3 Startups

The deal with UK-based Solo Venture was made at LEAP 2025, and will help create a seamless, all-in-one SaaS ecosystem for restaurants.

Published

2 years ago

February 19, 2025

Nour Nasir

foodics acquires online-ordering specialist and invests in 3 startups

MENA-based restaurant and payments technology provider Foodics has fully acquired Solo Venture, a UK-based company specializing in self-ordering kiosks and white-label online ordering solutions. The deal was reached at this year’s LEAP 2025 event in Riyadh and is part of Foodics’ strategy to create a seamless, all-in-one SaaS ecosystem for restaurants and catering firms.

Solo’s technology includes AI-driven self-service solutions, simplifying ordering and increasing profit margins. By integrating Solo into its platform, Foodics will soon be able to offer restaurants a comprehensive suite of tools covering everything from dine-in management to payments and analytics.

Ahmad Al-Zaini, CEO and Co-Founder of Foodics explained: “This acquisition is a significant step in our mission to build the most comprehensive restaurant management platform in MENA and beyond. To further support our ecosystem and the future of tech in the F&B sector, we are allocating $100M in strategic acquisitions and investments in Fintech, AI, and other transformative technologies over the coming three years”.

Beyond the Solo acquisition, Foodics is also backing three startups as part of its wider expansion plan:

Norma: A Greek AI-powered data analytics firm that enables business professionals to generate insights instantly, eliminating the need for technical expertise.
Add: A specialized accounting platform designed for small and medium-sized restaurants to simplify financial reporting and payroll management.
Arzaq Plus: A smart food and beverage supply chain platform that optimizes sourcing and logistics while introducing a “Buy Now, Pay Later” feature to the Foodics platform.

Also Read: Taager Secures $6.75M To Expand Social eCommerce In MENA

Anas Alghanim, Foodics’ Director of Corporate Development, emphasized, “At Foodics, every investment we make is aimed at creating valuable solutions that drive growth and deliver tangible success, ensuring that we empower our partners and customers to shape the future of the industry”.

The LEAP 2025 announcement coincides with the celebration of Foodics’ 10th anniversary. After supporting over 30,000 food and beverage businesses across 30 countries, Foodics continues to push the boundaries of restaurant management technology, helping companies streamline operations and enhance customer experience.

News

Egypt’s Mobile Wallets Are Booming, But Cash Still Has Power

Egypt’s telecom regulator says $57.6 billion moved through more than 57 million wallets in six months. And one operator handled 77% of the value.

Published

4 days ago

September 12, 2026

Nour Nasir

egypt's mobile wallets are booming but cash still has power

Egypt’s mobile wallets handled EGP 2.96 trillion ($57.6 billion) in transactions in the first half of 2026, according to the National Telecom Regulatory Authority – a 56% rise on the EGP 1.90 trillion ($36.9 billion) recorded a year earlier. Transactions grew faster still, up 62% to 2.22 billion, while registered wallets climbed 23% to 57.01 million.

On one reading, that is exactly what Egypt’s regulators have been pushing for: a payments system that runs through telecom-linked wallets rather than banknotes. But the same data shows how far cash still reaches into it. Cash withdrawals made up just 12% of the transactions taking money out of wallets, yet 75% of the value withdrawn or spent.

Money arrives mostly from bank accounts: transfers through InstaPay accounted for 78% of deposit transactions and 58% of the value deposited, while incoming remittances from abroad made up 3% of deposit transactions but 10% of their value. Once inside, it largely moves between wallets – wallet-to-wallet transfers accounted for 54% of all transactions and 67% of total value, with mobile and internet top-ups a distant second at 25% of volume. In effect, the wallet is serving as a transfer layer: the place money passes through between the bank account and the banknote.

That layer also runs predominantly through one operator. Vodafone Cash held 53% of registered wallets and 57% of active ones, but handled 69% of transactions and 77% of their value. Its nearest rival, e& money, held 23% of registered wallets but 14% of transaction value; Orange Cash 20% and 8%; WE Pay 4% of wallets. How many of the 57.01 million are active is not stated.

Also Read: Visa’s Return To Syria Starts With A Test And A Bank In Lebanon

Adoption is rather uneven in other respects. Men held 38 million wallets, or 67% of the total, against 19 million held by women. Users aged 26 to 45 accounted for half of all wallets, and Cairo alone had 10.6 million, or 19% of the national total, with Giza next at 6.5 million.

The NTRA says it is continuing to work with telecom operators on the regulatory framework for wallet services, part of a wider effort to expand electronic payments and financial inclusion. Its own figures show that effort succeeding on the way in. On the way out, three-quarters of the value still leaves as cash.