As the anchor investor at the time of the fund’s launch in 2022, Banque Misr played a key role in establishing Nclude to fuel the growth of early-stage fintech startups
Banque Misr has announced its support for the transition of the Nclude Innovation Fund LP (“Nclude”) to new management under DPI Venture Capital, a strategic move aimed at advancing Egypt’s fintech investment landscape.
As the anchor investor at the time of the fund’s launch in 2022, Banque Misr played a key role in establishing Nclude to fuel the growth of early-stage fintech startups. The initiative aligns with the bank’s broader strategy to embrace digital transformation, promote financial inclusion, and enhance long-term value creation.
DPI Venture Capital was established by Development Partners International to offer investors access to high-potential, technology-driven businesses across the Middle East and Africa. Under its new stewardship, Nclude is expected to continue its mission of supporting innovation-led ventures.
With $105 million currently under management and a target size of $150 million, Nclude is the largest fintech-focused fund on the African continent. Since its inception in March 2022, it has invested over $42.5 million across 12 deals, including notable startups such as Paymob, Khazna, Flapkap, and Connect Money.
Launched with backing from the Central Bank of Egypt, the fund also draws support from Egypt’s top national banks—Banque Misr, National Bank of Egypt, and Banque du Caire—as well as financial services-focused investors such as e-Finance Investment Group, EBC, and Mastercard. Up to 30% of Nclude’s capital can be allocated to fintech opportunities across the Middle East and Africa to help these firms expand operations into Egypt, further positioning the country as a regional fintech hub.
Commenting on the fund’s strategic significance, Banque Misr CEO Hisham Okasha stated:
“The establishment of Nclude Fund was a key milestone in implementing our strategy to support the venture capital space. We believe that integrating these companies in our ecosystem and unlocking obvious synergies will take them to the next level of growth. We will continue to support Fintech businesses by providing financial, technical and digital solutions through our direct investment arm, private equity funds or accelerator programs in order to drive better experiences for our customers and greater value for the Egyptian economy.”
Ahmed Sobhy, Chief Investment Officer at Banque Misr, added:
“We are excited to partner with a prominent player like DPI to further cement our interest in growing digital and innovation led businesses and transforming them into leading institutions in their respective fields. We are confident that DPI will utilize its solid track record in Africa to existing investments in the Nclude Fund as well as new investments.”
