Egyptian fintech firm MNZL successfully raised $3.5 million. P1 Ventures, Localglobe, and Ingressive Capital are the main investors, with participation from notable investors such as 500 Startups and Flat6labs.
By digitising assets, it’s cutting-edge technology enables Egyptians to turn their houses and vehicles into easily available cash for unforeseen expenses.
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MNZL, an Egyptian fintech firm, has raised $3.5 million to transform asset-backed lending.
Leading investors in the latest investment round included 500 Startups, Flat6labs, First Circle, ENZA Capital, Beenok, and many angel investors, led by P1 Ventures, Localglobe, and Ingressive Capital. Sameh Saleh, Ahmed Dessouky, and Bassem Elshaer founded MNZL in 2023. It provides a platform that lets homeowners and auto owners digitise their assets and turn them into easily available income for future requirements.
Sameh Saleh, a cofounder of it, highlighted the importance of giving Egyptians the ability to use their assets to generate financial freedom.
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Saleh, best known for creating the socially conscious dating service Hawaya, which Match Group later purchased in 2019, emphasised how it’s strategy advances both family financial autonomy and overall economic growth.
Notwithstanding obstacles like the crisis between Russia and Ukraine and the depreciation of the Egyptian pound, which have an effect on Egypt’s thriving startup scene, MNZL’s successful fundraising round demonstrates adaptability and development potential.
According to media estimates, investment in Egyptian startups experienced a 17% decline in 2023, with a total of $608 million over 90 agreements.
About MNZL
MNZL finance secured by assets. Capital accessible through digital means. Technology-assisted credit judgement
