The Fintech world is constantly growing and expanding, and it’s more important than ever to have access to the right solutions and services for customers. This is why the largest banks in Egypt are focused on creating a new fund that has the potential to accelerate the fintech industry. The three banks that are working together to establish this new fund are Banque du Caire, The National Bank of Egypt as well as Banque Misr. These, combined with Global Ventures are creating a fund named Nclude. This fund will be supported by Shipyard Technology Ventures.
The main focus is to create a fund that will help innovators that want to boost the local economy in the long term with creative solutions. Nclude will be specifically focused on financial inclusion as well as fintech innovation. For the time being, the initial fund is a $85 million. Aside from the three banks, there are other investors like the Egyptian Banks Company and the eFinance Investment Group. It’s expected that the fund will attract even more investors from the neighboring regions and even some international investors.
One of the things that encourage investors to become a part of this venture is the fact that there are some success stories in this field already. Fawry is a company focused on e-payments and digital transformation, a true gem in the financial sector. The idea for this business started in 2007, when Ashraf Sabry wanted to create an electronic bill payment. Over the years, Fawry has expanded immensely and it’s one of the top solutions that you can use even today. That’s what makes it so unique and different.
The new $85 million fund is expected to support a lot of businesses similar to Fawry. Aside from those investors, we can also expect Shipyard Technology Ventures to assist bringing powerful development and start up builder capabilities specifically designed for the fintech startups. These pillars will make it easy for fintech startups to access the tools they need in order to grow, expand and provide access to the right set of solutions and features. Things like that can make a huge difference from a business standpoint. Nclude is a unique initiative and certainly a great step forward for the fintech industry within Egypt. There are many great startups that lack the funding and growth opportunities needed to expand and reach new heights, and it’s a platform like Nclude that can help them in the long run. The potential is nothing short of amazing, and it goes to show the tremendous value and benefits being brought to the table. That’s why it’s important to note the creation of such an important fintech fund, and we are sure that things will only get better for everyone within the industry
