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Egypt's Commercial International Bank joins fintech venture trail

Egypt's Commercial International Bank joins fintech venture trail

Egypt's Commercial International Bank (CIB) is launching the country's first venture capital arm to focus squarely on investment in fintech startups.

CVentures will pre-dominantly participate in Series A and Series B investment rounds in Egypt, the Middle East, Africa in addition to considering Seed investment rounds across similar markets.

Hussein Abaza, CIB CEO and CVentures chairman says: “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. 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."

CIB is following a path well-trodden by major banks the world over, who have set up similar fintech venture arms in a bid to embrace fresh ideas from the startup community.

Indeed, fintech collaboration is now becoming a mainstream practice among the world's top banks. In it's latest annual risk assessment report, the European Banking Authority found that fully 60% of of EU banks are planning to increase their investments in startups in the next 12 months.

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