Egyptian fintech startup MNZL has raised US$3.5 million in seed funding to enhance its technology and scale operations to empower more Egyptians.
Founded in 2023 by Sameh Saleh, Ahmed Eldessouky and Bassem El Shaer, MNZL allows users to transform their assets like homes and cars into liquidity for their projects and needs.
The startup has introduced a wallet concept to asset-backed lending, which allows home and car owners to upload their assets into a digital wallet, and turn it into cash that they can borrow for their needs.
“By enabling Egyptians to safely harness 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,” Saleh said.
MNZL has now raised a US$3.5 million seed round of funding, 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.
