MNZL, an Egyptian Fintech, has raised US$ 3.5 million in seed funding from several local and international venture capital firms, one year after being founded.
- The seed funding round was led by P1 Ventures, Localglobe, and Ingressive Capital – with additional funding from other investors such as Enza Capital, 500 Global, Flat6Labs, First Circle Capital, and Beenok.
- MNZL was launched last year by Sameh Saleh, Ahmed Eldessouky and Bassem El Shaer to help users to access instant credit from the sale of their assets.
- By using MNZL, asset-owners can upload what they own (cars, homes, e.t.c.) into a digital wallet which would convert the value into liquid cash that can be borrowed during emergencies.
“By enabling Egyptians to safely harness their own assets – homes or cars – for financial needs, we at MNZL are going beyond a mere adjustment; it’s a complete revolution in credit access,” MNZL co-founder, Sameh Saleh said.
The capital will allow MNZL to deploy its services to other countries in the region.
“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,” said Hisham Halbouny, managing partner at P1 Ventures.
