Banking firm CIB has launched a corporate venturing division targeting early-stage fintech businesses in Egypt, Africa and the Middle East.
Egypt-based financial services firm Commercial Investment Bank (CIB) has launched a corporate venturing unit called CVentures to help drive emerging technologies in the fintech sector.
The fund will primarily participate in series A and series B rounds but will also consider taking equity in seed-stage companies. It will focus on fintech businesses in markets including Egypt, the Middle East and Africa.
CIB expects CVentures to offer the nimbleness of an independent investor combined with access to the corporate’s business channels.
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