Egypt’s CIB sets up VC arm CVentures to invest in fintech startups

CIB launches corporate venture capital arm: Our friends at CIB have launched a captive venture capital arm, CVentures, to invest in fintech startups. The new activity is primarily interested in series ‘A’ and ‘B’ rounds and will selectively invest in seed rounds, with a footprint expanding from Egypt to the wider as well as the global fintech space on a selective basis. CIB said in a statement (pdf) that CVentures will “combine the speed and agility of an independent investor with the breadth of CIB’s businesses.”