Banque Misr, National Bank of Egypt, and Banque Du Caire lead investment in new fintech fund

Banque Misr, National Bank of Egypt, and Banque Du Caire lead investment in new fintech fund

- Other investors include eFinance Investment Group and the Egyptian Banks Company

Cairo, Egypt : 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 - announce 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 eFinance Investment Group and Egyptian Banks Company. The Fund is also set 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: meaning farmer in Arabic, is an Agri-fintech