Nclude, a fintech focused VC investment platform, has bagged investment from Mastercard to boost its mission to help tackle financial inclusion in Egypt.
Mastercard’s strategic investment in Nclude will support early-and-growth-stage fintech and fintech enabled companies to grow their operations and services.
Nclude launched in March 2022 upon approval by the Central Bank of Egypt (CBE) has already attracted $100million investment from three national banks – Banque Misr, National Bank of Egypt and Banque Du Caire – as well as Egyptian Banks Company (EBC) and eFinance.
According to Mastercard, it is commited to supporting the Egyptian government’s efforts to transform the country into a digital, financially inclusive society through technology.
“Our contribution to Nclude stems from our longstanding commitment to accelerate the country’s digital transformation, drive financial inclusion rates and to reinforce Egypt’s position as an innovation hub for the fintech industry in the wider region,” said Khalid Elgibali, division president, Middle East, and North Africa at Mastercard. “We see a new door for opportunity in our collaboration with Nclude fund, where Egyptian fintechs can be offered an enabling environment to achieve their full potential.”
Nclude said it ‘super excited’ to work with Mastercard as it will help provide ambitious founders with the tools they need to succeed and compete at local, regional, and global levels.
Basil Moftah, general partner at Nclude, explains: “Mastercard’s global platform and commitment to fintech is a great complement to the Nclude strategy. 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.”
“Having Mastercard invest in Nclude is definitely a milestone for us. This fund will enable us to further support entrepreneurs in Egypt’s vibrant startup ecosystem who are driving fintech innovation and helping transform the country into a digital and financially inclusive economy,” added Eslam Darwish, founding general partner at Nclude.
The CBE is leading a vision to position Egypt as an innovation hub for fintechs across the Middle East and Africa by upskilling youths to close talent gaps, improving access to capital, as well as developing technology infrastructure.
It also focuses on filling the huge SME lending gap in Egypt, as well as elevating the quality of financial services offered in the country to businesses and individuals.