Nclude

Nclude was established with capital from four of Egypt's largest state-owned banks: Banque Misr, National Bank of Egypt, Banque du Caire, and United Bank. The initiative was coordinated with the Central Bank of Egypt and the Egyptian Banking Institute, making it a bank-anchored rather than family- or founder-anchored investment vehicle.

The firm invests in early to growth-stage fintech companies in Egypt, with selective exposure across the broader Middle East and North Africa. Its mandate covers digital payments, embedded finance, SME lending platforms, insurtech, and regulatory technology — all sectors aligned with the Central Bank of Egypt's financial inclusion priorities.

Available deal data suggests Nclude typically participates as a co-investor in syndicated rounds alongside regional and international venture capital firms. For example, it joined PayPal Ventures and British International Investment in Paymob's $50 million Series B in 2022 (per Wamda, 2022). Whether it leads rounds in earlier-stage situations has not been publicly documented.

Nclude's deal flow is closely tied to Egypt's fintech ecosystem infrastructure. The firm draws prospects from the FinTech Egypt accelerator program and the Central Bank's regulatory sandbox, both of which serve as upstream feeders for startups developing regulated financial products. Its relationship with the state banking sector also provides visibility into payment and lending infrastructure opportunities.

Nclude operates more like a policy-aligned investment platform than a traditional venture capital fund. Its capital comes from state-owned banks rather than institutional limited partners subscribing to a closed-end fund, and its mandate is shaped by Egypt's national financial inclusion strategy rather than purely commercial return objectives.