Mastercard Invests in Egyptian VC Firm Nclude13. October 2022
Mastercard has invested in Nclude, a fintech-focused VC investment platform launched in partnership with Egyptian banks Banque Misr, Banque Du Caire and the National Bank of Egypt.
Founded in 2022, the company has received US$100 million in funding from the three aforementioned banks, in addition to the Egyptian Banks Company and eFinance.
Nclude invests in early and growth stage fintech and fintech-enabled startups in Egypt, as well as startups based in the Middle East and Africa that are looking to expand their operations to Egypt.
The company’s cheque sizes are in the US$500,000 to US$5 million range. Its portfolio currently includes Paymob, Mozare3, Lucky, Khazna, FlapKap and Partment.
“Our contribution to Nclude stems from our longstanding commitment to accelerate the country’s digital transformation, drive financial inclusion rates, and reinforce Egypt’s position as an innovation hub for the fintech industry in the wider region,”
said Khalid Elgibali, Division President, MENA at Mastercard.
”Fintech and fintech-enabled companies are witnessing exponential growth in the market and we look forward to partnering with Mastercard to continue to fuel this growth and position Egypt as a regional center of excellence for fintech innovation,”
said Basil Moftah, General Partner at Nclude.
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