Three of Egypt’s largest national banks launch an $85m fund to accelerate the fintech sector

RIYADH: Three of Egypt’s largest national banks, Banque Misr, National Bank of Egypt, and Banque du Caire, have partnered with one of the leading MEA-focused venture capital firms, Global Ventures, to launch the $85 million fintech fund Nclude.
The new investment fund is aiming to accelerate the fintech sector in Egypt and help innovative startups with financial inclusion following the approval of the Central Bank of Egypt.
Four fintech startups, Khazna, Lucky, Mozare3, and Paymob, have already received funding, making them the first companies to join Nclude’s portfolio.
In addition to investing in existing startups, the fund will also be supported by venture builder, Shipyard technology, to help fintech startups to address opportunities.
Other investors in the fund include eFinance Investment Group, and Egyptian Banks Company.