MNZL, an Egyptian fintech startup, has acquired $3.5 million in seed capital to improve its technology and scale operations to empower more Egyptians.
P1 Ventures, Localglobe, and Ingressive Capital spearheaded the seed round of fundraising, which also included 500 Global, Flat6Labs, First Circle Capital, Enza Capital, Beenok, and other angel investors.
Sameh Saleh, Ahmed Eldessouky, and Bassem El Shaer founded MNZL in 2023 to enable users to convert their assets—such as homes and cars—into cash for their wants and projects.
The company has brought the wallet idea to asset-backed lending, enabling owners of cars and homes to upload their assets into a digital wallet and convert them into cash that can be borrowed for various 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,” according to Saleh.
“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,” said Hisham Halbouny, managing partner at P1 Ventures.
Read more on Tech Gist Africa:
Swypex, Egypt’s all-in-one financial management platform, has raised $4 million in seed funding
30Med, an Egyptian B2B e-health startup, has raised funding in a pre-seed round
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