MNZL Secures $3.5 Million Seed Funding to Revolutionize Secure Lending in Egypt and Beyond

Egyptian financial technology startup MNZL has made waves in the fintech world by securing an impressive $3.5 million in a seed funding round. The round was spearheaded by notable investors including P1 Ventures, Ingressive Capital, and LocalGlobe, with additional support from industry players like 500 Startups, Flat6Labs, and First Circle Capital, alongside other angel investors. LocalGlobe’s involvement, known for backing fintech giants like Wise and Robinhood, highlights MNZL’s innovative approach and its potential to reshape the lending landscape not only in Egypt but across the entire Middle East and Africa (MEA) region.

MNZL, founded in 2023 by Sameh Saleh, Ahmed Eldessouky, and Bassem El Shaer, aims to empower Egyptians by offering secure lending solutions that leverage tangible assets. With a significant portion of adults in Egypt and Africa lacking access to credit from formal financial institutions, MNZL seeks to fill this gap by introducing a unique offering—a wallet that allows individuals to unlock the value of their assets, such as homes and cars, to meet their financing needs.

The startup’s pioneering approach to asset-backed lending involves the introduction of a digital wallet concept, enabling users to upload their assets and convert them into cash that can be borrowed for various purposes. This innovative model not only addresses the issue of restricted access to credit but also provides a more inclusive and accessible alternative to traditional lending methods.

MNZL has obtained necessary permits from the Financial Regulatory Authority (FRA) of Egypt and has already begun witnessing promising traction in the market. CEO Sameh Saleh emphasizes the company’s mission to empower families and drive economic prosperity through innovative financial solutions.

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

The seasoned entrepreneur, Saleh previously founded Hawaya, which is a startup addressing critical social issues in the region, which saw a successful acquisition by Match Group. His co-founders, Ahmed and Bassem, bring extensive experience in technology leadership, having worked with industry unicorns like Pleo and Trustpilot.

Yvonne Bajela, Partner at LocalGlobe, predicts that MNZL’s innovative approach will drive unprecedented financial inclusion in Egypt. “MNZL is precisely the kind of innovation that the financial sector in Egypt needs,” Bajela remarked. “By unlocking the financial value of real assets, MNZL is set to empower millions of Egyptians, driving financial inclusion and economic growth in a way that has not been done before.”

MNZL’s successful seed funding round underscores the growing demand for innovative fintech solutions that cater to the diverse needs of underserved populations, signalling a new era of inclusive finance in Egypt and beyond.