DPI closes $112 million fund for fintech businesses

DPI Venture Capital has closed its Nclude Fund at more than $112 million. The fund invests in financial technology businesses across Africa and the Middle East, with Egypt remaining its main market. Nclude launched in Egypt in 2022. DPI took over as investment adviser in 2025 and has since expanded the fund’s regional reach. It has invested in 15 companies so far, with plans to add more businesses to its portfolio.

Egypt remains the main focus

Although Nclude can invest across the region, Egypt remains at the centre of its strategy. Up to 30% of the fund can be invested outside the country, leaving room for companies in other African markets. The fund backs fintech businesses and companies that use technology to deliver financial services. Its investment interests also include artificial intelligence and other technologies that can improve how businesses and consumers access financial products.

Nclude invests from seed stage to Series C, with individual investments ranging from $500,000 to $10 million. This allows it to support younger businesses as well as companies that have moved beyond their early stages and need money to expand.

Payments and business finance feature in its portfolio

Nclude has invested in several businesses already operating in the market. These include Paymob, an Egyptian payments company, and Money Fellows, which digitises group savings. Its portfolio also includes FlapKap, which provides financing to small and medium-sized businesses, and Nawy, a property technology company.

The investments cover more than payments. They include businesses helping other companies access finance and platforms using technology to change how customers access services.

Which African fintechs could attract its money?

For fintech companies in Nigeria, Kenya and South Africa, the fund’s final close raises a practical question: how much of the available capital will go to businesses outside Egypt? Nclude’s investment range means it can back companies at different stages, but its regional mandate does not guarantee funding for every market or business.

Founders seeking investment will need to show that customers are using their products, that the business can bring in revenue and that there is a clear reason for putting more money into its growth. Companies planning to enter other countries will also need to explain how they intend to handle the costs and challenges of operating across markets. DPI has not announced which companies will receive new investments following the fund’s final close. Its next investment decisions should give a clearer picture of where the money will go and how much interest there is in fintech businesses outside Egypt.