DPI takes over $105M Nclude fintech fund, launches VC arm to double-down on early-stage push in Egypt

🇪🇬 Development Partners International (DPI), a UK-based Africa-focused private equity firm, has taken over investment advisory responsibilities for Nclude, the $105M Egypt-based fintech fund originally launched by Global Ventures and backed by state-owned banks Banque Misr, Banque du Caire, and National Bank of Egypt, alongside Mastercard, e-Finance, and EBC.

Initially launched as an $85M vehicle to accelerate financial inclusion in Egypt in 2022, Nclude has since grown to $105M and deployed $28M across startups including Paymob, Khazna, FlapKap, Mozare3, and Lucky.

DPI will now manage the fund via a newly formed Cairo-based team, deepening its footprint in early-stage tech with the launch of DPI Venture Capital, led by Ashley Lewis and joined by Mohamed Aladdin as General Partner.

The move builds on DPI’s existing $850M investment track record in Egypt, with previous stakes in companies like MNT-Halan and Kazyon, and signals a continued bet on the country’s fintech infrastructure and startup potential.