Egyptian banks back new venture capital fund
Egypt’s largest national banks – Banque Misr, National Bank of Egypt, and Banque du Caire – and venture capital firm Global Ventures, announced the launch of Nclude by Global Ventures, following approval by the Central Bank of Egypt (CBE).
Nclude by Global Ventures will focus on accelerating fintech innovation and driving financial inclusion. The initial investment in the fund, equivalent to $85 million, is led by Banque Misr as an anchor investor, and National Bank of Egypt and Banque du Caire as strategic investors. Other investors include eFinance Investment Group and Egyptian Banks Company. The fund also aims to attract further investment from prominent regional and international investors.
The fund has already made its first investments in four companies. These are:
– Khazna: A financial super app that offers convenient, technology-driven financial solutions to underserved consumers.
– Lucky: Egypt’s leading consumer fintech app, offering instalments, offers, cashback rewards and credit.
– Mozare3: An agri-fintech platform that provides smallholder farmers with direct access to inputs financing, markets, and hands-on technical support.
– Paymob: A leading digital payment service provider.
Basil Moftah, partner at Global Ventures commented, ”We are delighted to have the overwhelming support of all our investors in this fund, and are thankful for their trust. Over the past few years, we have had the privilege of being part of the journey of many entrepreneurs across MEA, with a particular focus on the fintech sector and Egypt as a key priority market.
”Egypt’s huge unbanked, young population and cash-dominated economy offers strong opportunities for local and regional fintech and fintech enabled companies who continue to witness exponential growth in the market. We look forward to partnering with all stakeholders in the ecosystem to continue to fuel this growth and transform Egypt into a regional centre of excellence for fintech innovation.”
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