Egyptian fintech startup MNZL has successfully secured $3.5 million in funding to reshape lending in Egypt and the wider Middle East and Africa (MEA) region.
Investment Led by P1 Ventures, Localglobe, and Ingressive Capital
The funding round, led by P1 Ventures, Localglobe, and Ingressive Capital, with support from investors like 500 Startups, Flat6labs, First Circle Capital, ENZA Capital, and notable angel investors, highlights the universal appeal of MNZL’s innovative lending approach.
Addressing Financial Challenges in Egypt and MEA
MNZL aims to tackle the challenge of limited credit access in Egypt and MEA, where traditional financial institutions offer minimal secured lending options, resulting in high interest rates and financial exclusion for many.
Innovative Wallet Concept
MNZL introduces an innovative wallet concept, allowing asset owners to securely leverage their property and vehicles for financing needs, promising a complete revolution in credit access.
Experienced Leadership Team
Founded by Sameh Saleh, Ahmed Dessouky, and Bassem Elshaer, MNZL brings together a seasoned team with diverse expertise from prominent companies like Pleo, Trustpilot, and Deutsche Bank.
Regulatory Approval and Market Traction
MNZL has obtained 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.
Support from Industry Leaders
Hisham Halbouny, Managing Partner at P1 Ventures, and Yvonne Bajela, Partner at LocalGlobe, expressed enthusiasm for MNZL’s platform, highlighting its potential to drive financial inclusion and economic growth in Egypt.
Future Plans and Market Potential
With fresh capital, MNZL aims to enhance its technology and scale operations to empower more Egyptians and tap into vast market potential across the MEA region, positioning itself as a key player in the global fintech landscape.