“Building a strong multilayered tech stack for the Egyptian fintech ecosystem through portfolio companies that collaborate and reinforce each other.”
Nclude is a $105 million fintech-focused venture fund anchored by Egypt's three largest state-owned banks: Banque Misr ($85 million anchor), National Bank of Egypt, and Banque du Caire, with additional backing from eFinance Investment Group, Egyptian Banks Company, and Mastercard. The fund launched in 2022 and was originally managed by Global Ventures, making it one of the largest dedicated fintech funds in Africa.
In April 2025, Development Partners International (DPI), a London-based Pan-African private equity firm with over $3 billion in assets under management, acquired investment advisory control of Nclude and launched DPI Venture Capital as a dedicated venture platform. This is significant for founders because DPI brings institutional infrastructure, cross-market connectivity, and a track record that includes backing Moniepoint (Nigerian fintech, $110M investment in 2024) and operating across 40+ African markets. The transition means Nclude is no longer just an Egypt fund but a platform with pan-African ambitions.
The portfolio to date includes Paymob (digital payments infrastructure, one of Egypt's largest payment gateways), Khazna (earned wage access and financial services for blue-collar workers), FlapKap (revenue-based financing for SMEs), OneOrder (restaurant supply chain and procurement), Lucky (digital micro-insurance), and Connect Money (agri-finance). What makes Nclude distinctive is the portfolio synergy thesis: the team explicitly invests in companies that can work together, so Paymob's payment rails serve OneOrder's supply chain financing, and Khazna's distribution network feeds into Lucky's insurance products.
The state-bank LP base is also a unique advantage. Having Banque Misr, National Bank of Egypt, and Banque du Caire as investors gives portfolio companies direct access to the largest banking infrastructure in Egypt, which can translate into regulatory relationships, distribution partnerships, and co-lending arrangements that no other fund can offer.
| Name | Role | X/Twitter | |
|---|---|---|---|
| Ashley Lewis | Managing Partner, Head of Venture Capital (DPI) | Not disclosed | Not disclosed |
| Mohamed Aladdin | General Partner (DPI, Cairo) | Not disclosed | Not disclosed |
| Runa Alam | Co-Founder and CEO (DPI) | Not disclosed | Not disclosed |
Note: Nclude was originally managed by Global Ventures with Basil Moftah as Founding GP. DPI assumed investment advisory control in April 2025.