MICROCAPITAL BRIEF: Banque Misr Leads $85m Investment to Launch Global Ventures’ Nclude Fund for Financial Inclusion via Fintech in Egypt

Global Ventures, a UAE-based venture capital firm that invests primarily in the Middle East and Africa, recently founded Nclude, an investment fund specializing in financial technology (fintech), with the aim of boosting financial inclusion, primarily in Egypt. Part of the purpose of Nclude is to support entrepreneurs starting new fintechs, whom it will support in partnership with Shipyard Technology Ventures, an Ireland-based firm promoting innovation among large firms as well as nurturing new ones.

The Governor of the Central Bank of Egypt, Tarek Amer, expressed the aim that Nclude will “support innovative youth in fintech” while encouraging the uptake of “more innovative fintech solutions capable of delivering banking and financial services to all segments of society more easily and at less cost….”

To launch Nclude, Global Ventures recently raised the equivalent of USD 85 million in a package led by Egypt’s Banque Misr. The other named investors are also based in Egypt: Banque du Caire, eFinance Investment Group, payment processor Egyptian Banks Company, and the government-owned National Bank of Egypt.

Banque Misr, established in 1920, serves 12 million customers via 700 branches with total assets of EGP 1.2 trillion (USD 65 billion) as of 2020.

Established in 1996, Global Ventures has 41 investees as of 2022. It has offices in five cities in the Middle East and Africa. The firm does not publish its financial data.

By Adhya Singh, Research Associate

Sources and Additional Resources

Banque Misr press release
https://www.banquemisr.com/en/aboutus/press/Pages/investment-in-new-fintech-fund.aspx

Global Ventures homepage
https://www.global.vc/

Shipyard Technology Ventures homepage
??https://shipyardtech.com/

Banque du Caire homepage
https://www.bdc.com.eg/

eFinance Investment Group homepage
https://www.efinanceinvestment.com/

Egyptian Banks Company homepage
https://www.egyptianbanks.com/

National Bank of Egypt homepage
https://www.nbe.com.eg/

Banque Misr 2020 annual report
https://www.banquemisr.com/en/aboutus/Documents/Annual%20Reports/BM%20ANNUAL%20DIGITAL%20REPORT%202021.pdf?csrt=12587754519287942910

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