Venture capital firm Global Ventures has raised $85m for its Fintech Fund backed by Egypt’s largest national banks, Banque Misr, National Bank of Egypt, and Banque du Caire.
Banque Misr was described as the anchor investor in the fund having committed an undisclosed amount with other investors including EFinance Investment Group and the Egyptian Banks Company.
The fund will accelerate financial technology (fintech) innovation and inclusion. Its first four investments were:
- Khazna, a financial super app;
- Lucky, a consumer fintech app with more than eight million users;
- Mozare3, an agriculture-fintech platform that provides smallholder farmers with direct access to inputs financing, markets and hands-on technical support; and
- Paymob, a digital payment service provider.
