Egyptian Fintech Startup Raises $3.5M in Seed Funding Round

Egyptian fintech startup Mnzl has secured $3.5 million in seed funding, which it plans to use to enhance its lending technology and expand its operations.

Co-founder Sameh Saleh stated that the company aims to empower families by providing financial leverage and contributing to the region’s economic growth.

Mnzl Raises $3.5M to Empower Financially Excluded Egyptian Families

Mnzl, an Egyptian fintech firm, has raised $3.5 million in a seed funding round led by P1 Ventures, Localglobe, and Ingressive Capital. Other investors included 500 Global, Flat6Labs, First Circle Capital, Enza Capital, Beenok, and an undisclosed angel group.

Mnzl helps customers transform illiquid assets, such as vehicles and real estate, into liquid assets. The startup plans to use the funds to improve its technology and expand operations, aiming to assist more Egyptians.

Co-founder Sameh Saleh, who established Mnzl with Ahmed Eldessouky and Bassem El Shaer, emphasized the positive impact of this funding round:

“This transformation empowers households through financial leverage and contributes to the region’s overall economic growth.”

Mnzl provides loans to Egyptians by allowing them to transfer their assets to the startup’s digital wallet. Once uploaded, individuals can borrow money to meet their needs.

Hisham Halbouny, managing partner of P1 Ventures, expressed confidence in Mnzl’s mission and potential:

“Mnzl’s approach to leveraging tangible assets for financial services is game-changing, creating a new norm for lending not only in Egypt but across emerging markets.”

Key Points:

• Mnzl raised $3.5M in seed funding from various investors.
• The startup helps convert illiquid assets into liquid ones for financial leverage.
• Funds will enhance technology and expand operations to assist more Egyptians.

Mnzl’s innovative approach is poised to revolutionize the lending landscape in Egypt and other emerging economies.