The Egyptian fintech startup Mnzl plans to enhance its lending technology and expand its operations using the $3.5 million raised in a seed funding round. Co-founder Sameh Saleh said the startup seeks to empower families by providing financial leverage and contributing to broader economic prosperity in the region.
Egyptian Fintech Startup Secures $3.5M in Seed Funding Round
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Empowering Financially Excluded Egyptian Families
The Egyptian fintech startup, Mnzl, recently raised $3.5 million in a seed funding round led by P1 Ventures, Localglobe, and Ingressive Capital. Other participants in the round included 500 Global, Flat6Labs, First Circle Capital, Enza Capital, Beenok, and unnamed angel investors.
According to a report by Disrupt Africa, Mnzl, which enables users to convert illiquid assets like cars and real estate into liquid assets, plans to enhance its technology and expand operations in a way that benefits Egyptians. Commenting on the fintech startup’s successful capital raise, Sameh Saleh, who co-founded Mnzl with Ahmed Eldessouky and Bassem El Shaer, said:
By enabling Egyptians to safely leverage 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.
As explained in the report, Mnzl provides loans to Egyptians who upload their respective assets onto the startup’s digital wallet. Once uploaded, users can borrow cash to meet their needs.
Meanwhile, Hisham Halbouny, the managing partner at P1 Ventures, was quoted in the same report expressing his confidence in Mnzl’s ability to fulfill the founders’ goal of transforming the Middle East lending landscape.
“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,” Halbouny said.
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