Tech

UAE-based firm, Global Ventures launches $85 million fintech fund with state-own banks in Egypt

Published

3 years ago

March 20, 2022

In Egypt, three state-own banks, Banque Misr, the National Bank of Egypt, and Banque du Caire have teamed up with UAE-based MENA VC firm Global Ventures to launch the USD 85 mn Nclude fund.

According to a statement this morning from Global Ventures. Other investors include state-owned e-Finance and the Egyptian Banks Company, according to a separate statement from e-Finance. The fund will focus on fintech and digital payments solutions and has already made investments in start-ups including Khazna, Paymob, Mozare3 and Lucky.

Legislative and regulatory changes in Egypt over the last two years have paved the way for a surge in fintech investments and a change in the way the country’s largely unbanked citizens do business, industry players say.

Banque Misr will act as an anchor investor in the programme, with The National Bank of Egypt (NBEGPT.UL) and Banque du Caire (BQDC.CA) as strategic investors, said the statement by Global Ventures, which focuses on the Middle East and Africa.

eFinance Investment Group, a state-controlled payments firm, and Egyptian Banks Co, the operator of a payment led by the central bank, will also participate. The fund, called Nclude by Global Ventures, hopes to attract additional participation from regional and international investors, it added.

The statement quoted Egyptian central bank governor Tarek Amer as saying the fund’s establishment was “a crucial step to transform Egypt into a regional centre for the fintech industry in the Arab World and Africa.”

The fund has already made preliminary investments in four companies, it said.

These are Khazna, a financial app that provides products to underserved consumers; Lucky, which offers instalments, cashback rewards and credit to consumers; Mozare3, which provides small farmers with input financing, markets and technical support; and Paymob, a digital payment provider.

Tech

Tanzanian fintech startup Tunzaa announces capital raise for expansion

Published

12 hours ago

December 4, 2024

Isaac Dachen

Tanzanian fintech startup, Tunzaa, has announced raising fresh funds to enable it carry out its expansion plans.

The fintech, which has developed an innovative payments API enabling e-commerce transactions to be processed in installments, said in a statement that it secured the funding from Warioba Ventures.

A statement by Warioba Ventures said:

“This investment underscores our commitment to fostering solutions that address the unique challenges of African markets while creating a ripple effect of financial empowerment and economic growth.

“We believe Tunzaa is poised to redefine how payments and savings are integrated into the e-commerce experience, setting a new standard for financial inclusion and innovation.”

Tunzaa offers flexible installment that empowers consumers to access products more conveniently while promoting financial inclusion and economic empowerment.

The platform inspires a culture of savings by enabling consumers to save towards specific goals through gamified incentives.

Tech

Egyptian freight-fowarding startup Nowlun raises $1.7m in seed funding

Published

2 days ago

December 3, 2024

Isaac Dachen

Egyptian digital freight forwarding platform, Nowlun, has announced raising $1.7 million in seed funding, which is a significant milestone for the Middle East and North Africa (MENA) logistics sector.

The seed funding round, according to Nowlun’s CEO, Moataz Khamis, was led by Nama Ventures and A15, with participation from Sanabil 500 Global and prominent angel investors.

In a statement announcing the funding, Khamis said the investment will fuel Nowlun’s ambitious expansion plans and accelerate the development of its innovative technology platform, which is transforming the logistics industry by offering instant, transparent, and competitive ocean freight rates, streamlined shipment management, and real-time visibility into cargo movements.

Founded in 2021 by Khamis, Mahmoud Khaled, and Ahmed Emara, Nowlun has rapidly established itself as a key player in the MENA logistics market, integrating all major shipping lines, providing businesses with unparalleled access to real-time pricing and enabling them to make faster, more informed decisions.

“Nowlun’s advanced shipment management system offers a comprehensive control tower, allowing users to track their cargo in real-time, receive instant notifications, and proactively manage any issues,” Khamis said.

“Throughout my decade in logistics, I’ve witnessed the daily inefficiencies shippers face.

“Driven by a sense of responsibility, my team and I are committed to transforming the industry using cutting-edge technology. This funding will empower us to further simplify the shipping process and make shippers’ lives easier,” he added.