The Egyptian fintech startup MNZL has raised $3.5 million, led by P1 Ventures, Ingressive Capital, and Localglobe. The investor Localglobe is known to have backed giants like Robinhood and Wise. The round also saw participation from Flat6labs, 500 Startups, First Circle Capital, Beenok, ENZA Capital and other prominent angel investors.
MNZL plans to use the new capital to enhance technology and scale the operations in the region.
The startup aims to transform the lending landscape for the MEA and Egypt. Founded by Sameh Saleh, Bassem Elshaer, and Ahmed Dessouky, MNZL has introduced a wallet concept to asset-backed lending. Here, users can upload their assets, such as their home and car, to a digital wallet and turn them into cash.
The startup has already secured the necessary permits from the Financial Regulatory Authority (FRA). In a note shared by the company, Saleh stated that MNZL’s idea is to go beyond mere adjustment and revolutionise credit access in the region. When users can use their assets for financial needs, it empowers them and pushes them towards broader economic prosperity in the region.
The company stated that less than 10 per cent of Egyptian adults have access to credit from financial institutions. Most of these loans are unsecured, making access restrictive and expensive. This is a broader trend across Africa. MNZL aims to tap into this market by introducing its wallet, which allows asset owners to leverage their vehicles and property.
Prior to MNZL Saleh had founded Hawaya, a startup that addressed social issues in the region, which was acquired by Match Group. Elshaer and Dessouky are technology leaders who have a decade of experience working and leading engineering and product teams across Africa and Euroope.
Hisham Halbouny, Managing Partner P1 Ventures stated the team is thrilled to support the MNZL team. He added the startup’s approach to leverage tangible assets for financial services is a game-changer.
Yvonne Bajela, Partner at LocalGlobe, added the financial sector in Egypt needs innovation like MNZL.
