Egypt’s biggest national banks lead $85m investment in new FinTech fund – The National

Egypt’s biggest national banks lead $85m investment in new FinTech fund – The National

Egypt's three largest banks will invest $85 million in a new FinTech fund, with Banque Misr as anchor investor, to boost the growth of the sector and drive financial inclusion as the country seeks to build an "economy of the future".

Banque Misr, National Bank of Egypt, and Banque du Caire will back the new FinTech fund, which is approved by the Central Bank of Egypt and managed by UAE-based venture capital company Global Ventures, according to a statement on Sunday.

Nclude by Global Ventures, as the fund is known, also secured investments from eFinance Investment Group and Egyptian Banks Company. It is set to attract more investments from regional and international investors.