Egypt’s CIB sets up venture capital to invest in fintech startups
Cairo-based Commercial International Bank (CIB) has set up a corporate venture capital firm CVentures to focus on investing in fintech startup companies and next generation financial services platforms.
The financial services industry in Egypt remains largely untapped and fintech can be leveraged to attain financial inclusion and boost economic growth in the country.
CIB said that the new venture capital will participate in Series A and Series B investment rounds in Egypt, Middle East, Africa and other highly regarded cross-border market economies. It will also consider seed investment rounds across similar markets.
“As demonstrated through our active engagement and sponsorship initiatives over the course of the past couple of years, CIB has always had a clear vision towards the importance of entrepreneurship. The establishment of CVentures is a continuation of such vision; evidence of CIB’s profound commitment towards supporting the development of the Egyptian Financial Sector,” said Hussein Abaza, chief executive officer, CIB and chairman, CVentures.
“CIB’s establishment of CVentures is in line with international common practice amongst major banks, where the adoption of win-win collaboration models with startup communities has ultimately served customers better.” added Mr. Ashraf Shash, head of Direct Investment Group, CIB and vice chairman, CVentures. “We expect CVentures to add considerable value to portfolio companies, venture partners and the VC community in Egypt and the region.”
“We are very excited about CVentures as it fills a gap in the ecosystem, and brings a much needed focus and institutional support to the early-stage FinTech spectrum,” said Emad Fouad, managing director, CVentures. “As an integral part of our operating model, we intend on leveraging CIB’s platform to support and accelerate fast moving, forward thinking entrepreneurs with deep market insights, whilst focusing on fostering key strategic local and cross-border relationships to develop accelerated collaboration models and meaningful partnerships.”