Egyptian digital savings startup Menthum has secured an undisclosed pre-seed round of funding to help it expand its team and develop its infrastructure.
Launched last November by veteran professionals Himanshu Shrimali and Ismail Sarhank, Menthum is a B2B and B2C digital savings platform that provides individuals and companies with an innovative way to invest in safe treasury bills (T-bills) through a money market fund.
Licensed and regulated by Egypt’s Financial Regulatory Authority (FRA), Menthum has launched the first digital money market fund in the country, partnering with a leading investment manager.
Its pre-seed funding round features A15, Acasia Ventures (known as Cairo Angels until announcing a rebrand late last year), and a number of prominent angel investors. The funding will go towards expanding Menthum’s team across various functions, customer acquisition, brand building and developing the company’s tech infrastructure.
“We are excited to invest in the company that’s paving a fresh way to money for Egypt,” Acasia Ventures managing partner Aly El Shalakany said. “Given Menthum’s solid team, the traction it has gained so far and its visionary roadmap, we firmly believe that the company could reshape the concept of savings tools in the country and tangibly contribute to Egypt’s financial inclusion mandate while providing alternative savings vehicles to a wide range of customer segments.”
