MNZL, an Egyptian fintech startup, has announced the successful fundraise of $3.5 million. This capital injection aims to reshape the lending landscape in Egypt and the wider Middle East and Africa (MEA) region.
The funding round of $3.5 million was led by P1 Ventures, Localglobe, and Ingressive Capital, with significant support from renowned investors such as 500 Startups, Flat6labs, First Circle Capital, ENZA Capital, Beenok, and prominent angel investors. This backing underscores the universal appeal and potential impact of MNZL’s innovative approach to lending.
In Egypt, a mere fraction of adults have accessed credit from traditional financial institutions, with most loans being unsecured, thus leading to restricted access or high costs. This trend is reflective of broader challenges across Africa, where limited secured lending options contribute to elevated interest rates and financial exclusion for the majority. MNZL seeks to address this pressing issue by introducing an innovative wallet concept that allows asset owners to leverage their property and vehicles securely and efficiently to fulfill their financing needs.
Founded by Sameh Saleh, Ahmed Dessouky, and Bassem Elshaer, MNZL brings together a dynamic team with a wealth of experience and expertise. Sameh Saleh, a respected entrepreneur in the MENA region, brings valuable insights from his previous venture, Hawaya, which focused on critical social issues and was later acquired by Match Group. Sameh’s journey from seed to exit underscores his deep understanding of technology’s potential to address large-scale challenges, a vision now driving MNZL’s mission in the financial sector.
Teaming up with Sameh are Ahmed and Bassem, seasoned technology leaders with extensive experience in engineering and product development across Europe and Africa. With backgrounds in prominent companies like Pleo, Trustpilot, and Deutsche Bank, they bring a unique blend of startup agility and institutional expertise to MNZL’s operations.
MNZL’s mission extends beyond mere adjustment; it promises a complete revolution in credit access for Egyptians. By empowering individuals to leverage their assets, such as homes or cars, for financial needs, MNZL not only provides financial leverage but also contributes to broader economic prosperity in the region.
For the first time, MNZL introduces a wallet concept to asset-backed lending, allowing homeowners and car owners to upload their assets into a digital wallet and convert them into cash that can be borrowed for their needs. MNZL has obtained the necessary permits from the Financial Regulatory Authority (FRA) and has witnessed promising early traction in the market, validating the demand for a more inclusive and accessible approach to credit.
Hisham Halbouny, Managing Partner at P1 Ventures, expressed enthusiasm for MNZL’s transformative platform, highlighting its potential to set a new standard for lending, not only in Egypt but across emerging markets. Yvonne Bajela, Partner at LocalGlobe, echoed these sentiments, emphasizing MNZL’s role in driving financial inclusion and economic growth in Egypt.
Armed with fresh capital, MNZL plans to enhance its technology and scale operations to empower more Egyptians. With vast market potential in Egypt and similar dynamics across the MEA region, MNZL is poised to become a pivotal player in the evolving landscape of global fintech.
