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Three major Egyptian banks have launched a fintech fund in partnership with Global Ventures. Banque Misr, National Bank of Egypt, and Banque du Caire are backing the USD 85 Mn fund, Nclude by Global Ventures, which will target investments in fintech startups operating in the Middle East and Africa region (MEA).
In addition to investing in existing start-ups, the Fund will be supported by Shipyard TechnologyVentures, a global venture builder that brings world-class development capabilities to the Egyptian market to help create Fintech start-ups that address local and regional opportunities.
The fund has already deployed investments in the following companies: Khazna, a B2B digital reward app, Lucky, a consumer financing app, Paymob, a payment solutions provider, and Mozare3, an agritech startup offering microloans to smallholder farmers.