P1 Ventures, Ingressive Capital, and Localglobe led the $3.5 million fundraising effort for the Egyptian financial firm MNZL. Investor Localglobe is well-known for having supported industry titans like as Wise and Robinhood. Along with other well-known angel investors, Flat6labs, 500 Startups, First Circle Capital, Beenok, and ENZA Capital participated in the round.
MNZL intends to expand its operations in the area and improve technology with the help of the additional funding.
The firm wants to change Egypt’s and the MEA’s lending environment. Asset-backed lending has seen the introduction of a wallet concept by MNZL, which was founded by Sameh Saleh, Bassem Elshaer, and Ahmed Dessouky. Here, customers can convert their assets into cash by uploading them to a digital wallet, including their house and automobile.
The Financial Regulatory Authority has already granted the startup the required permits (FRA). Saleh said that MNZL wants to revolutionize credit access in the area and go beyond simple adjustment in a note released by the company. Users gain influence and are propelled toward greater economic development in the area when they are able to use their assets for their financial requirements.
According to the company, less than 10% of adult Egyptians can obtain a loan from a banking institution. Because the majority of these loans are unsecured, access is costly and limited. There is a wider trend across Africa towards this. By launching its wallet, which enables asset owners to leverage their cars and real estate, MNZL hopes to break into this industry.
Before MNZL, Saleh established Hawaya, a startup that dealt with local social concerns and was later bought by Match Group. Technology executives Elshaer and Dessouky have worked with and led technical and product teams in Europe and Africa for ten years.
P1 Ventures’ managing partner, Hisham Halbouny, expressed the team’s excitement at helping the MNZL squad. He continued by saying that the startup’s strategy of using physical assets to provide financial services is revolutionary.
According to Yvonne Bajela, a partner at LocalGlobe, MNZL innovation is necessary in Egypt’s banking sector.
