Egypt’s largest national banks – Banque Misr, National Bank of Egypt, and Banque du Caire – and Global Ventures, a leading MEA-focused venture capital firm – announced the launch of Nclude by Global Ventures, following approval by the Central Bank of Egypt (“CBE”).
This bold and unprecedented step is an implementation of the country’s strategic vision to support young innovators who will build the Egyptian Economy of the future, Nclude by Global Ventures will focus on accelerating Fintech Innovation and driving Financial Inclusion. The initial amount, equivalent to $85 million investment in the Fund, is led by Banque Misr as an Anchor Investor and National Bank of Egypt and Banque du Caire as Strategic Investors. Other investors include the finance investment Group and the Egyptian Banks Company. The Fund is also set to attract further investment from prominent regional and international investors.
In addition to investing in existing start-ups, the Fund will be supported by Shipyard TechnologyVentures – a global venture builder – who are bringing their world-class development capabilities to the Egyptian market to help create Fintech start-ups that address local and regional opportunities.
