MNZL raises $3.5m seed to scale asset-backed lending in Egypt
TLDR
- MNZL, Egyptian fintech startup, raises $3.5 million in seed funding round led by P1 Ventures, LocalGlobe, and Ingressive Capital
- Founded in 2023 by Sameh Saleh, Ahmed Eldessouky, and Bassem El Shaer, MNZL enables users to utilize assets like homes and cars for liquidity
- Capital infusion to enhance tech infrastructure and grow operations, focusing on democratizing financial resources for Egyptians
Egyptian fintech startup MNZL has secured $3.5 million in a seed funding round led by P1 Ventures, LocalGlobe, and Ingressive Capital, with participation from 500 Startups, Flat6Labs, First Circle Capital, ENZA Capital, beenok, and various angel investors.
Founded in 2023 by Sameh Saleh, Ahmed Eldessouky, and Bassem El Shaer, MNZL allows users to leverage assets such as homes and cars to access liquidity for their projects and needs.
With this infusion of capital, MNZL aims to bolster its technological infrastructure and expand its operations significantly. The focus is on empowering more Egyptians by providing access to financial resources and opportunities previously beyond reach.
Key Takeaways
In Egypt, the accessibility of credit from financial institutions remains low, with less than 10% of adults having obtained loans, predominantly unsecured. This limited access, characterized by high costs and stringent requirements, mirrors a continent-wide trend across Africa. Here, the scarcity of secured lending options perpetuates high interest rates and financial exclusion for many. MNZL seeks to address this challenge with an innovative approach. Through its wallet concept, the fintech startup enables asset owners to unlock the value of their property and vehicles swiftly and securely to fulfill their financing requirements. By leveraging these assets, MNZL aims to tap into a sizable market segment, offering a viable solution to bridge the gap in accessible and affordable credit across Egypt and beyond.
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