- MNZL, a fintech startup based in Egypt, has successfully secured $3.5 million in Seed funding. The funding round was led by P1 Ventures, Localglobe, and Ingressive Capital.
- Founded in 2023 by Sameh Saleh, Ahmed Eldessouky, and Bassem El Shaer, MNZL is dedicated to transforming lending practices in Egypt and the wider Middle East and Africa (MEA) region.
- Sameh Saleh, a respected entrepreneur, leads MNZL with a vision to use technology to address significant financial challenges in the MENA region.
- Supported by prominent investors like Localglobe and 500 Startups, MNZL’s innovative approach to asset-backed lending demonstrates its potential in the market.
- MNZL’s mission is to empower Egyptian families by unlocking the financial potential of their assets. By doing so, MNZL aims to promote financial inclusion and drive economic growth in the region.
MNZL is an Egyptian fintech startup that has achieved a significant milestone by securing $3.5 million in a Seed funding round. The funding was led by P1 Ventures, Localglobe, and Ingressive Capital.
This investment is a crucial step for MNZL as it works towards revolutionizing lending in Egypt and the wider Middle East and Africa (MEA) region.
MNZL was established in 2023 by Sameh Saleh, Ahmed Eldessouky, and Bassem El Shaer. It introduces an innovative idea in the lending industry that enables users to use their assets, like homes and cars, as collateral to access funds for different projects and financial requirements. The approach fills a crucial void in the market, especially for many people in Egypt and across Africa, where traditional lending options are often limited.
Sameh Saleh is a well-respected entrepreneur with extensive experience in the MENA region. He brings valuable expertise to MNZL. His previous venture, Hawaya, addressed important social issues before being acquired by Match Group.
Sameh now leads MNZL with a vision to use technology to solve major problems occurring especially in the financial sector.
Sameh is joined by Ahmed Eldessouky and Bassem El Shaer. They are both seasoned technology leaders with extensive experience in engineering and product development.
They gained expertise combined, gained from working in notable companies like Pleo, Trustpilot, and Deutsche Bank, positioning MNZL for success in blending innovation with financial services.
In its recent funding round, MNZL received backing from notable investors such as Localglobe. Localglobe is recognized for supporting successful fintech companies like Wise and Robinhood. This highlights the potential of MNZL’s innovative approach. The participation of 500 Startups, Flat6labs, First Circle Capital, ENZA Capital, Beenok, and prominent angel investors further confirms the significance of MNZL’s mission and the demand for its services in the market.
Sameh Saleh is very passionate about MNZL’s mission that is to empower Egyptian families by unlocking the financial potential of their assets. This will not only provide families with the financial support they need but also it will contribute to broader economic prosperity in the region. MNZL’s shift towards asset-backed lending is helping to drive financial inclusion that is essential for sustainable economic growth.
Hisham Halbouny who is Managing Partner at P1 Ventures, and Yvonne Bajela, Partner at LocalGlobe, expressed their excitement about supporting MNZL’s transformative platform. They both recognize its potential to set a new standard for lending, not only in Egypt but across emerging markets.
“We are thrilled to support Sameh and the MNZL team as they build a transformative platform,” says Hisham Halbouny. “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.”
Yvonne Bajela adds, “MNZL is precisely the kind of innovation that the financial sector in Egypt needs. By unlocking the financial value of real assets, MNZL is set to empower millions of Egyptians, driving financial inclusion and economic growth in a way that has not been done before.”
With the new capital infusion, MNZL plans to improve its technology and expand its operations to serve more Egyptians. Egypt offers a large market with significant potential, and MNZL aims to become a key player not only in Egypt but also across the MEA region in the rapidly evolving global fintech landscape.
MNZL’s recent $3.5 million Seed funding round is more than just financial support, it’s a sign of confidence in MNZL’s mission to revolutionize lending through innovation and technology. As MNZL continues to grow and reach more people, its goal is to empower millions of Egyptians and contribute to a more inclusive and prosperous financial ecosystem in the region.
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Last Updated on May 10, 2024 by Safiya K
