Egyptian fintech startup MNZL has raised $3.5 million in seed funding to enhance its technology and scale operations, empowering more Egyptians with innovative financial solutions.
Founded in 2023 by Sameh Saleh, Ahmed Eldessouky, and Bassem El Shaer, MNZL allows users to transform their assets, such as homes and cars, into liquidity for their projects and needs.
The startup has introduced a novel wallet concept for asset-backed lending, enabling homeowners and car owners to upload their assets into a digital wallet and convert them into cash for borrowing.
“By enabling Egyptians to safely harness their own assets – homes or cars – for financial needs, MNZL is not just making an 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,” said Sameh Saleh.
MNZL’s $3.5 million seed funding round was 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.
“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.
