Development Partners International (DPI) has acquired Egyptian fintech fund manager Nclude to establish its new venture capital group, DPI Venture Capital.

DPI's fintech strategy has been evolving since the closure of its third private equity fund at $900 million in 2021, coinciding with a peak in African fintech investment.

As a private equity firm focused on Africa, DPI actively manages a $77 million fund aimed at fintech investments across Africa and the Middle East.

Nclude, founded in 2022 through a collaboration of three major Egyptian banks, has gained momentum following the Central Bank of Egypt's national financial inclusion strategy.

The partnership between DPI and Nclude is set to enhance strategic collaboration among a diverse array of financial services companies.

Key limited partners joining DPI include notable entities such as Mastercard, Egypt’s e-Finance Investment Group, and the UK’s EBC Financial Group.

With nearly 20 years of experience investing in African businesses, DPI emphasizes financial inclusion, healthcare, and supply chain efficiency.

Ashley Lewis, managing partner at DPI, is spearheading efforts to accelerate investment in the fintech sector within these regions.

DPI Venture Capital aims to invest in technology companies from seed to Series C stages, focusing on enhancing access to financial services for small businesses and underserved consumers.

In a significant move, DPI participated in MNT-Halan’s $157 million growth round, marking one of the largest fintech deals in North Africa in 2024.

The fund will primarily target investments in Egypt, while allocating 30% of its capital to other regions across Africa and the Middle East.

In a supportive regulatory environment, the Central Bank has mandated that commercial banks allocate 25% of their portfolios to micro, small, and medium-sized enterprises for at least one year.