Egyptian neobank Menthum raises pre-seed funding
Egypt-based fintech Menthum has raised pre-seed funding from Acasia Ventures, along with A15 and other angel investors.
Founded in 2021 by Himanshu Shrimali and Ismail Sarhank, Menthum is a B2B and B2C digital savings platform that enables individuals and companies to invest in safe treasury bills (T-bills) through a money market fund.
The funding will go towards expanding Menthum’s team, customer acquisition, brand building, and developing the company’s tech infrastructure.
Digital banks—across several verticals—have enormous potential in Egypt, a country where 2 of every 3 individuals are partly or totally excluded from formal financial services but 50% of its 100 million people actively use smartphones. In addition to high mobile and internet penetration, the North African country boasts a young and tech-savvy population with 61% below 30. Startups like Menthum have thus moved to capture this opportunity with neo-banking platforms, contributing to the general booming fintech sector in Egypt.