Egypt’s leading national banks launch venture fund for young innovators
Category: #business  By Pranali Mehta  Date: 2022-03-21
  • share
  • Twitter
  • Facebook
  • LinkedIn
Egypt’s leading national banks launch venture fund for young innovators

The new venture fund “Nclude” will foster growth of the Egyptian economy by helping young innovators

Largest banks in Egypt including Banque Misr, Banque du Caire, and National Bank of Egypt have collaborated over the launch of a new venture fund called “Nclude”.

Reportedly, the fund announced on March 20 is in partnership with venture capital firm Global Ventures – aiming for the growth of FinTech startups across the Middle East and Africa.

According to the announcement, the new launch will encourage young innovators with the potential to accelerate Egypt’s economic growth.

With primary focus on fostering FinTech growth and boosting financial inclusion, the venture fund has already completed four investments – financial “super app” Khazna, digital payments platform Paymob, consumer FinTech service provider Lucky, and agriculture FinTech player Mozare3.

While the three national banks of Egypt are expected to infuse $85 million, other investors such as Egyptian Banks Company and eFinance Investment Group coupled with other potential investors may accelerate additional investments in the future.

Speaking on the launch of Nclude, Tarek Amer, Governor of the Central Bank of Egypt, boldly highlighted the objective of the venture fund – to back innovative initiatives across the FinTech and FinTech-based sector, whilst boosting the bank’s FinTech & Innovation Strategy.

Amer also explained the significance of adopting innovative FinTech solutions - which can easily and cost-effectively provide banking and financial services across all aspects of society – in making Egypt the regional hub for FinTech industry in Africa, and the Arab World.

Recently, a Cairo-based digital investment firm Thndr secured $20 million in Series A funding, enabling a faster product development for the company and will help solidify its presence across Middle East and North Africa (MENA) markets.

Set up by CEO Ahmad Hammouda, and Seif Amr, who now serves as the Chief Operating Office, Thndr was established in late 2020 to eliminate traditional, outdated processes used to open and manage investment accounts, instead offering easy investment options in bonds, stocks, and funds.

Source Credit: https://www.pymnts.com/news/international/2022/national-bank-of-egypt-others-launch-nclude-venture-fund-aimed-at-young-innovators/

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Neuralink to do trials for brain implants in human post FDA approval
Neuralink to do trials for brain implants in human post FDA approval
By Pranali Mehta

Neuralink Corp., a Elon Musk founded neurotechnology company, has reportedly obtained clearance from the US Food & Drug Administration (FDA) to proceed with its first clinical study involving humans. The approval is a significant leap forward ...

House of Lithium acquires EU micromobility startup Reby for USD 100M
House of Lithium acquires EU micromobility startup Reby for USD 100M
By Pranali Mehta

Canadian private equity firm House of Lithium has reportedly acquired Reby. The company was already a significant shareholder in the micromobility startup. The acquisition transaction was valued at USD 100 million. In a statement, Kevin Taylor, th...

Meesho to slash 251 jobs in new round of layoffs at its core unit
Meesho to slash 251 jobs in new round of layoffs at its core unit
By Pranali Mehta

Indian unicorn Meesho, an eCommerce platform, has recently confirmed a second round of layoffs within one year. This time it will terminate around 15% of its personnel, which is 251 employees, according to a spokesperson. Backed by Softbank and he...