MNZL, an Egyptian fintech startup, has secured $3.5 million in seed funding aimed at bolstering its technology infrastructure and expanding its reach to benefit more Egyptians.
Established in 2023 by Sameh Saleh, Ahmed Eldessouky, and Bassem El Shaer, MNZL offers a unique financial solution enabling users to unlock liquidity from their assets, such as homes and cars, to address various financial needs.
The startup introduces a novel concept of asset-backed lending through its digital wallet platform. Home and car owners can digitize their assets by uploading them into the platform, thereby converting them into cash that can be borrowed for their financial requirements.
Sameh Saleh, co-founder of MNZL, emphasized the transformative nature of their approach, stating, “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.”
MNZL’s seed funding round, totaling $3.5 million, was led by prominent investors including P1 Ventures, Localglobe, and Ingressive Capital. The round also saw participation from 500 Global, Flat6Labs, First Circle Capital, Enza Capital, Beenok, and other angel investors.
Hisham Halbouny, managing partner at P1 Ventures, expressed excitement about MNZL’s potential to redefine lending standards, not only in Egypt but also across emerging markets. MNZL’s innovative approach to leveraging tangible assets for financial services is anticipated to set a new standard in the fintech industry.
Source: disruptafrica.com
