About This Fund
Nclude is an $85 million fintech-focused venture capital fund established in March 2022 as a joint initiative between Egypt's three largest state-owned banks — Banque Misr (anchor investor), National Bank of Egypt (NBE), and Banque du Caire — in partnership with Global Ventures, a Dubai-based venture capital firm specialising in Middle East and Africa technology investment. The fund received strategic approval from the Central Bank of Egypt (CBE) as part of Egypt's national financial inclusion agenda, with additional LP commitments from eFinance Investment Group and the Egyptian Banks Company. Nclude was explicitly positioned to become the largest investment platform for emerging companies operating in financial technology and adjacent enabling sectors across Egypt, the Middle East, and Africa.
Nclude deploys capital into early-stage and growth-stage companies in financial technology and its "feeding sectors" — including digital payments, mobile banking, lending technology, insurance technology, wealth management technology, remittance platforms, and financial data infrastructure — that have the capacity to accelerate financial inclusion and modernise the financial services ecosystem across the MEA region. A defining structural advantage of the fund is the LP base: the three Egyptian state banks collectively serve tens of millions of retail customers and hundreds of thousands of SMEs, providing portfolio companies with unparalleled distribution partnership opportunities, regulatory navigation support, and banking infrastructure access unavailable through conventional independent venture funds. This government-banking-private VC tripartite model mirrors successful fintech fund structures seen in other high-growth emerging markets.
Since its March 2022 establishment, Nclude has deployed capital across a portfolio of Egyptian and MEA-region fintech companies, in a market where financial inclusion remains a national development priority and smartphone and internet penetration have created strong conditions for digital financial services adoption. Egypt's young demographic profile, large unbanked population, and rapidly expanding fintech regulatory sandbox have positioned the country as a key fintech hub for the broader Arabic-speaking and African markets. Nclude is managed day-to-day by Global Ventures, which brings established MEA venture capital sourcing and portfolio management expertise alongside the transformative LP relationships with Egypt's banking sector that define the fund's strategic differentiation.