Egypt’s Commercial International Bank (CIB) has launched CVentures, a corporate venture capital firm focused on investing in transformational fintech startups and next generation financial services platforms.
CIB said the establishment of CVentures reflected its deep and continued commitment towards Egypt’s largely untapped financial services industry, and the importance of fintech as a key driver of financial inclusion.
The fund will predominantly participate in Series A and Series B investment rounds in Egypt, the Middle East, Africa and other highly regarded cross-border market economies, in addition to considering 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,” said Hussein Abaza, CIB chief executive officer (CEO) and CVentures chairman.
“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. The founding of a venture capital firm focused on fintech comes at a very exciting time for the Egyptian economy where all stakeholders are encouraged to support the government’s strategic direction towards financial inclusion.”