A $112M Fintech Fund Just Closed With Egypt as Its Core Market: What DPI's Nclude Fund Means for Fintech Founders

DPI Venture Capital closed its Nclude Fund at more than $112 million on 28 October 2026. The fund invests $500,000 to $10 million per company, from seed to Series C, in fintech and fintech-enabled businesses. Egypt is its core market, and up to 30% of the mandate can be invested outside Egypt, across Africa and the Middle East. For Egyptian fintech founders, this means more local VC (Venture Capital) money is available at every stage. It also means the bar has moved: the money will go to companies with a clear, measurable growth story that can travel beyond Egypt.

The timing matters too. In the same week, Tanmiya Capital closed its second fund at $130 million, above its $120 million target, with the EIB (European Investment Bank) committing $37.5 million. Tanmiya is a growth capital fund for established Egyptian businesses, and fintech is one of its target sectors alongside healthcare, consumer goods, education, logistics and transport. Two Egypt-focused funds closing in one week is a good signal. It is not a guarantee that any single founder will get funded.

What the Nclude Fund actually is

Nclude was set up in Egypt in 2022 as a fintech-focused venture fund. According to the announcement, DPI (Development Partners International) became its investment adviser in 2025 after a restructuring, when DPI Venture Capital was launched. Here are the key facts:

• Size: final close above $112 million
• Ticket size: $500,000 to $10 million per company
• Stages: seed through Series C
• Focus: fintech, fintech-enabled businesses, financial inclusion, and companies where fintech meets AI (Artificial Intelligence) and emerging tech
• Geography: Egypt as the core market, with 30% of the mandate available outside Egypt
• Portfolio: 15 companies, including Paymob, Money Fellows, Nawy and FlapKap

The fund's leadership says Nclude is sized for today's market, and points out that its portfolio companies are increasingly scaling beyond their home markets. That second point is the one founders should pay attention to.

Why the 30% outside Egypt matters

A fund that can only invest in Egypt can back your Egyptian business. A fund with room outside Egypt can follow you when you expand. That changes the conversation you should have with it.

Paymob, one of the fund's portfolio companies, is a useful example. In September 2026 it raised a $35 million pre-Series C round co-led by Mubadala and the EBRD (European Bank for Reconstruction and Development). According to Mubadala's announcement, Paymob's revenue grew 3x across its four markets over about 18 months and 7x in the GCC (Gulf Cooperation Council), which now brings in close to half of its total revenue. That is the shape of story regional investors pay for: an Egyptian base, and a Gulf engine that grows faster.

If your plan includes Saudi Arabia or the UAE, show investors you have thought it through: which licence you need, which customer segment you start with, and what the first 12 months cost. I wrote a full checklist for this in my Cairo to Riyadh market entry playbook.

What fintech investors look for at seed

At seed, nobody expects big numbers. Investors are buying a team, a problem and early proof. In my experience working in Egyptian fintech growth, the strongest seed stories answer three questions clearly:

• Is the problem real and frequent? Show how often your user faces it, not just how big the market is.
• Do users come back? Early retention and repeat usage beat a spike in downloads from a launch campaign.
• Can you reach users without burning cash? Show at least one channel where you know your cost to acquire a customer.

A small cohort that keeps transacting is worth more than a large one that disappears after the first month.

What changes from Series A to Series C

From Series A onwards, the questions shift from 'does it work?' to 'does it scale, and is it a good business?'. For fintech, that usually means:

• Unit economics: CAC (Customer Acquisition Cost), LTV (Lifetime Value) and payback period by channel and by segment. If you do not track these yet, start with my guide on CAC, LTV and payback.
• Revenue quality: how much revenue is recurring, how concentrated it is in a few large clients, and how sensitive it is to interest rates or currency.
• Risk and compliance: for lending and payments, credit losses, fraud rates and licence status matter as much as growth.
• Regional readiness: a credible plan, and ideally early traction, in a second market.

By Series B and C, investors are also asking whether you can be a regional category leader. That is where the 30% outside Egypt becomes relevant.

How to position your growth story for a fund like this

Here is how I would prepare a fintech founder for a conversation with Nclude or a similar fund:

• Lead with one metric that proves pull, such as monthly active transacting users, repeat rate or total payment volume, and show its trend over 12 months.
• Split growth into paid and organic, so investors can see what happens if you cut marketing spend.
• Show unit economics in US dollars as well as Egyptian pounds, because currency moves change how a dollar fund reads your numbers.
• Present Egypt as the base and the Gulf as the multiplier, with a realistic timeline rather than a slide that lists ten countries.
• Explain how the fund's other portfolio companies could help you, whether as partners, distribution or customers.

FAQ

What is the ticket size of the Nclude Fund?

The Nclude Fund invests between $500,000 and $10 million per company, from seed to Series C. It focuses on fintech and fintech-enabled businesses, with Egypt as its core market and up to 30% of the mandate available outside Egypt.

Which fintech VC funds invest in Egyptian startups in 2026?

Recent Egypt-focused closes include DPI Venture Capital's Nclude Fund (above $112 million, seed to Series C) and Tanmiya Capital's second fund ($130 million, growth capital across sectors including fintech). Regional investors such as Mubadala and development banks such as the EBRD have also backed Egyptian fintechs in later rounds.

What metrics do investors want from a fintech startup at Series A?

Most Series A fintech investors look for strong retention, clear unit economics (CAC, LTV and payback), revenue quality, and evidence that risk such as credit losses or fraud is under control. A credible plan for a second market is a strong plus.

If you are preparing a fintech raise and want a sharper growth story, metrics and Gulf expansion plan before you meet investors, get in touch. You can also see how I work with founders as a fractional CMO.

Sources

• DPI Venture Capital closes Nclude Fund at over $112 million (Wamda)
• DPI's Nclude Fund Closes Above $112M to Back Africa and Middle East Startups (MENA Startup Digest)
• Tanmiya Capital raises $130 million for second fund (Tech In Africa)
• Paymob raises $35 million in pre-Series C round co-led by Mubadala and EBRD (Mubadala)