Egyptian Fintech MNZL Raises $3.5m Seed Funding Round to Scale
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Egyptian fintech startup MNZL has raised $3.5 million in seed funding to enhance its technology and expand operations, aiming to empower more Egyptians.
Founded in 2023 by Sameh Saleh, Ahmed Eldessouky, and Bassem El Shaer, MNZL enables users to convert their assets, such as homes and cars, into liquidity for various projects and needs.
The startup has innovated an asset-backed lending system by introducing a digital wallet concept. This allows homeowners and car owners to upload their assets into a digital wallet, turning them into cash that can be borrowed for personal and business purposes.
“By enabling Egyptians to safely harness their own assets – homes or cars – for financial needs, We at MNZL are going beyond a mere adjustment; it’s a complete revolution in credit access. This shift not only empowers families by providing financial leverage but also contributes to broader economic prosperity in the region,” Saleh said.
Also speaking, Hisham Halbouny, managing partner at P1 Ventures said,
“We are thrilled to support Sameh and the MNZL team as they build a transformative platform. MNZL’s approach to leveraging tangible assets for financial services is a game-changer, potentially setting a new standard for lending not just in Egypt but across emerging markets”.
MNZL has now raised a US$3.5 million seed round of funding, led by P1 Ventures, Localglobe, and Ingressive Capital, with additional support from 500 Global, Flat6Labs, First Circle Capital, Enza Capital, Beenok, and other angel investors.
