Banque Misr, National Bank of Egypt, and Banque du Caire – and Global Ventures, a leading MEA-focused venture capital firm – have announced the launch of Nclude by Global Ventures, a new fund focused on the acceleration of fintech innovation and financial inclusion in the North African country. This follows the approval by the Central Bank of Egypt (CBE). Currently, an equivalent of $85 million has been invested into the Nclude fund. The investments were 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 is also set to attract further investment from prominent regional and international investors.
The Fund will be supported by Shipyard Technology Ventures – a global venture builder – who is bringing its world-class development capabilities to the Egyptian market to help create Fintech start-ups that address local and regional opportunities. Egypt’s huge unbanked, young population and cash-dominated economy offer strong opportunities for local and regional Fintech and Fintech enabled companies who continue to witness exponential growth in the market. Egypt made a quantum leap forward by becoming home to a vibrant entrepreneurial ecosystem with Fintech at its heart. Thanks to progressive government regulation, and an increasing partnership with financial institutions, Fintech startups, are playing a pivotal role in transforming Egypt into a financially inclusive digital economy via Fintech innovation.