Leading global law firm Baker McKenzie represented Egypt's three biggest state-owned banks, Banque Misr, National Bank of Egypt, and Banque du Caire, on their USD 85 million corner-stone investment in the NCLUDE Fintech Innovation Fund, which will be managed by Global Ventures. The fund is focused on accelerating innovation and attracting talent to the Egyptian fintech sector and positioning Egypt as a fintech and technology hub for Arab and African countries.
Baker McKenzie's cross-border team advising on the transaction was led by Partner, Hani Nassef (Cairo) and supported by Partner, Osama Audi (Abu Dhabi) and Associate Mohamed Gamaledin (Cairo).
"We are delighted to have supported our three clients on this monumental transaction. This exceptional project will drive innovation in the Egyptian economy and will help raise financial inclusion rates. It will also aid in accelerating Egypt's digital transformation, which is integral to delivering the Egypt Vision 2030,” said lead partner in the transaction, Hani Nassef at Helmy, Hamza & Partners, Baker McKenzie Cairo.
The funding round, which is Egypt’s largest Fintech Series A round so far, has already made its debut investment in four Egyptian start-ups. These are Khazna, a financial app that provides products to underserved consumers; Lucky, which offers installments, cashback rewards, and credit to consumers; Mozare3, who provide small farmers with input financing, markets, and technical support; and Paymob, a digital payment provider. This step is critical in helping Fintech solutions reach more segments and transforming Egypt into a regional financial technology hub for Arab and African countries.
Commenting on the investment, Osama Audi, Head of Corporate/M&A, UAE offices, said, “We are very proud that our clients have trusted us to advise on this strategic project, which we understand is a significant step to transform Egypt into a regional center for the Arab and African Fintech industry, and generates an opportunity for investors to create financial technology solutions."
This is the latest example of the Firm’s work advising on high profile and complex transactions in the Middle East and Africa and reconfirms the Firm’s position as a transactional powerhouse.
Baker McKenzie's cross-border team advising on the transaction was led by Partner, Hani Nassef (Cairo) and supported by Partner, Osama Audi (Abu Dhabi) and Associate Mohamed Gamaledin (Cairo).
"We are delighted to have supported our three clients on this monumental transaction. This exceptional project will drive innovation in the Egyptian economy and will help raise financial inclusion rates. It will also aid in accelerating Egypt's digital transformation, which is integral to delivering the Egypt Vision 2030,” said lead partner in the transaction, Hani Nassef at Helmy, Hamza & Partners, Baker McKenzie Cairo.
The funding round, which is Egypt’s largest Fintech Series A round so far, has already made its debut investment in four Egyptian start-ups. These are Khazna, a financial app that provides products to underserved consumers; Lucky, which offers installments, cashback rewards, and credit to consumers; Mozare3, who provide small farmers with input financing, markets, and technical support; and Paymob, a digital payment provider. This step is critical in helping Fintech solutions reach more segments and transforming Egypt into a regional financial technology hub for Arab and African countries.
Commenting on the investment, Osama Audi, Head of Corporate/M&A, UAE offices, said, “We are very proud that our clients have trusted us to advise on this strategic project, which we understand is a significant step to transform Egypt into a regional center for the Arab and African Fintech industry, and generates an opportunity for investors to create financial technology solutions."
This is the latest example of the Firm’s work advising on high profile and complex transactions in the Middle East and Africa and reconfirms the Firm’s position as a transactional powerhouse.
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