eFinance Rejoins the “Unicorn Club” After Surpassing $1 Billion Market Cap — Beltone Values the Company at EGP 70 Billion
Egypt’s eFinance for Digital and Financial Investments (EFIH), a leading player in financial technology and digital infrastructure, has officially reentered the global “unicorn club” after its market capitalization exceeded the $1 billion mark in Sunday’s trading session on the Egyptian Exchange (EGX).
Strong Rally on the Egyptian Exchange
Shares of eFinance surged by nearly 7% during Sunday’s session, closing at EGP 14.14 per share after opening at EGP 13.30. The company’s market capitalization rose to approximately EGP 49 billion (around $1.03 billion at an exchange rate of EGP 47.50 per USD), signaling renewed investor confidence in the company’s leadership and its strategic role in advancing Egypt’s digital transformation agenda.
Trading activity was robust, with more than 16.2 million shares changing hands for a total value exceeding EGP 225 million — making eFinance one of the most actively traded stocks on the EGX. The company’s market capitalization added roughly EGP 2.9 billion in a single session, climbing from EGP 46.1 billion to EGP 49 billion.
The company’s ownership structure includes the Saudi Egyptian Investment Company (25.75%), National Investment Bank (21.81%), Banque Misr (6.9%), National Bank of Egypt (6.7%), Banks of Egypt Company (6.7%), Egyptian Investment Projects Company (6.7%), and others (25.44%).
From Government Arm to Digital Powerhouse
Founded in 2005 as Egypt’s national digital payments infrastructure arm, eFinance has evolved into a diversified investment group offering end-to-end digital and financial technology solutions for both the public and private sectors.
The company made a landmark initial public offering (IPO) in October 2021 — Egypt’s largest listing since 2015 — raising EGP 5.8 billion and marking a turning point for state-owned digital enterprises entering the capital market.
Strong Financial Performance Driving Growth
The company’s renewed momentum has been fueled by robust financial performance and continuous expansion in digital services, e-payment networks, and fintech investments. Analysts say eFinance’s return to unicorn status highlights Egypt’s growing ability to nurture technology-driven companies capable of competing regionally.
They also point to the country’s accelerating digital transformation and economic reforms as key drivers restoring investor confidence in the Egyptian market.
Beltone Sets Fair Value at EGP 20.40 per Share
In a new research note obtained by FinTech Gate, Beltone Financial Holding (Beltone) issued a “Buy” recommendation on eFinance stock, assigning a fair value of EGP 20.40 per share, equivalent to a total market capitalization of EGP 70.7 billion (about $1.5 billion at current exchange rates).
This valuation represents a potential 55% upside from Thursday’s closing price of EGP 13.20 on October 22, 2025.
Key Growth Drivers
According to Beltone’s report, the bullish outlook is supported by the company’s successful expansion into private-sector services, notably in cloud hosting and digital transaction processing.
The report also anticipates a spike in e-transaction volumes following the grand opening of the Grand Egyptian Museum in November, which is expected to attract a surge in tourism and related payment activity.
Beltone highlighted eFinance’s strong track record in repricing existing contracts, enhancing profit margins, and capitalizing on ongoing government digitalization programs — projecting a compound annual EBITDA growth rate of 26% from 2025 to 2030.
Revenue and Cloud Business Growth
In 2024, eFinance increased transaction fees by 25–50%, boosting the company’s average yield to 0.08% in H1 2025, up from 0.07% a year earlier.
Variable transaction volumes jumped 42% on the back of import recovery, higher tax revenues, and a rebound in tourism, with the company’s digital gateways expanding to 120 platforms, up from 84 in 2024.
Cloud hosting revenues also grew 63% in H1 2025, supported by new annual contracts worth EGP 600 million and the repricing of legacy deals.
Subsidiary Valuations
Beltone revised its valuation of eFinance upward based on the strong performance of its subsidiaries MTS and eTax.
eFinance’s 10% stake in MTS is valued at EGP 5.46 billion (EGP 1.57 per share).
Its 35% stake in eTax is valued at EGP 2.27 billion (EGP 0.66 per share).
Positioned at the Heart of Egypt’s Digital Economy
The report concluded that eFinance is strategically positioned to benefit from Egypt’s accelerating digital transformation and financial inclusion initiatives. Beltone also noted an improvement in the company’s cash collection cycle, which fell to 193 days in Q2 2025 — a sign of enhanced operational efficiency and stronger cash flow management.