Grace Ashiru
MNZL, an Egyptian fintech startup, has secured $3.5 million in seed capital to enhance its technology and expand its operations, aiming to empower more Egyptians.
The seed round was led by P1 Ventures, Localglobe, and Ingressive Capital, with participation from 500 Global, Flat6Labs, First Circle Capital, Enza Capital, Beenok, and other angel investors.
Founded in 2023 by Sameh Saleh, Ahmed Eldessouky, and Bassem El Shaer, MNZL aims to help users convert their assets—such as homes and cars—into cash for their needs and projects.
The company has introduced the wallet concept to asset-backed lending, allowing owners of cars and homes to upload their assets into a digital wallet and convert them into cash that can be borrowed for various purposes.
“By enabling Egyptians to safely leverage their own assets, such as homes or cars, for financial needs, we at MNZL are not merely making an adjustment but spearheading a complete revolution in credit access. This change empowers families by providing financial leverage and contributes to the broader economic prosperity of the region,” said Saleh.
“We are excited to support Sameh and the MNZL team as they develop a transformative platform. MNZL’s innovative approach to utilizing tangible assets for financial services is a game-changer, potentially setting a new benchmark for lending, not just in Egypt but across emerging markets,” stated Hisham Halbouny, managing partner at P1 Ventures.
