The news

• Development Partners International (DPI), a UK-based private equity firm, has taken over the management of Egypt’s $105 million Nclude Fund as it expands into venture capital.
• Originally established in March 2022 by Egyptian state-owned banks and fintech partners, Nclude aims to position Egypt as a leading fintech hub in the Middle East and Africa.
• The fund has already invested $24.5 million into eight Egyptian fintech startups, including Paymob, Lucky, and Khazna, to accelerate digital financial services.

Development Partners International (DPI), a London-based private equity firm with over $3 billion in assets under management, has taken over the management of Egypt’s Nclude Fund, a $105 million venture capital fund focused on fintech innovation. This transition marks a significant shift in investment leadership within Egypt’s technology ecosystem.

Established in March 2022, Nclude was initially a collaborative effort among Egypt’s major state-owned banks — Banque Misr, National Bank of Egypt, and Banque du Caire — alongside fintech partners like eFinance Investment Group and Mastercard. The fund’s primary objective has been to position Egypt as a leading fintech hub in the Middle East and Africa.

Nclude has already invested $24.5 million into eight Egyptian fintech startups, including Paymob, Lucky, and Khazna. These investments aim to accelerate the development of digital financial services and promote financial inclusion across the country.

DPI’s involvement with Nclude aligns with its broader investment strategy across Africa. In 2021, the firm raised $900 million for its African Development Partners III fund, targeting high-growth sectors such as financial services, healthcare, and technology. Notable investments include Nigeria’s Moniepoint, a digital payments platform, and Egypt’s MNT-Halan, a fintech ecosystem offering digital banking services.

DPI’s move to take over Nclude not only reinforces its commitment to fostering innovation and financial inclusion in Africa but also signifies renewed investor confidence in the North African nation. Last year, Egyptian startups raised approximately $400 million with MNT-Halan raising $157.5 million.