DPI Launches New Africa VC Platform After Nclude Fintech Fund Takeover
TLDR
- UK-based Development Partners International (DPI) has assumed investment advisory responsibilities for Egypt’s Nclude fintech fund
- Founded in 2022, Nclude has deployed $28 million into nine startups including Paymob, Khazna, and Partment
- The move marks DPI’s formal entry into early-stage tech investing. The private equity firm has previously deployed nearly $850 million in Egypt
UK-based Development Partners International (DPI) has assumed investment advisory responsibilities for Egypt’s Nclude fintech fund and launched DPI Venture Capital, a new platform targeting early-stage, tech-driven companies across Africa.
Founded in 2022, Nclude has deployed $28 million into nine startups including Paymob, Khazna, and Partment. The $110 million fund is backed by Egypt’s largest banks—Banque Misr, National Bank of Egypt, and Banque du Caire—and strategic investors like Mastercard and e-Finance. DPI will now oversee Nclude’s $105 million assets under management through a dedicated local team in Egypt.
The move marks DPI’s formal entry into early-stage tech investing. The private equity firm has previously deployed nearly $850 million in Egypt, backing tech-led companies like MNT Halan and Kazyon. DPI Venture Capital will be led by Managing Partner Ashley Lewis and General Partner Mohamed Aladdin, aiming to capitalize on rising demand for fintech and digital solutions on the continent.
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Key Takeaways
DPI’s takeover of Nclude highlights rising institutional interest in Egypt’s fintech ecosystem, one of the most active in Africa. With $95 million of Nclude’s fund deployable locally and 30% earmarked for broader MENA expansion, DPI is positioned to back startups that can scale into Egypt while leveraging its deep local LP base and regulatory support. The fund’s structure—anchored by state-owned banks and supported by Egypt’s Central Bank—signals growing state-private sector collaboration in tech funding. This comes as Egypt’s fintech sector remains resilient amid macro volatility, with increasing digitization in payments, lending, and financial inclusion. DPI's shift into venture capital also mirrors broader trends: PE firms are moving earlier in the startup lifecycle to secure exposure to growth-stage winners. This diversification comes at a time when global venture funding into Africa has slowed, making large institutional backers like DPI critical to sustaining momentum in fintech innovation and financial inclusion across the continent.
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