Egyptian Fintech, MNZL, Raises $3.5 Million Seed Funding to Digitize Assets for Financing – BitKE

May 15, 2024

29 2 minutes read

Egyptian fintech startup, MNZL, has secured $3.5 million in seed funding to bolster its technology and expand its operations.

The round was led by:

P1 Ventures
LocalGlobe
Ingressive Capital

with additional funding from other investors such as:

Enza Capital
500 Global
Flat6Labs
First Circle Capital
Beenok

and various angel investors.

Founded in 2023 by Sameh Saleh, Ahmed Eldessouky, and Bassem El Shaer, MNZL enables individuals to convert their assets, such as homes and vehicles, into liquid resources for various projects and requirements.

According to MNZL, less than 10% of adults in Egypt have accessed credit from financial institutions, most of those loans being unsecured, which by nature comes with a very restrictive access, or a much higher cost. This situation reflects a broader trend across Africa where a lack of secured lending options contributes to high interest rates and restricted access to the majority of the population.

To address this situation, the company has pioneered a wallet-based approach to asset-backed lending, enabling homeowners and car owners to digitize their assets by uploading them into a digital wallet. This innovative process allows them to access cash loans based on the value of their assets for their diverse financial needs.

“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. This shift not only empowers families by providing financial leverage but also contributes to broader economic prosperity in the region,” said Saleh.

“We are thrilled to support Sameh and the MNZL team as they build a transformative platform. 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.

Founded in 2023, Egyptian 🇪🇬 fintech, MNZL, enables individuals to convert their assets, such as homes and vehicles, into liquid resources for various projects and requirements. pic.twitter.com/fmvOKuW1di

— BitKE (@BitcoinKE) May 15, 2024

Product:

The first component of MNZL’s platform is a digital property registration service. MNZL solves that by offering a digital service that reduces registration fees for owners, leverages technology to allow scale.
Once a property is registered and on our platform, MNZL can easily provide home equity loans on the said property through a seamless digital experience.

Business Model: