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MNZL raises $3.5m to enhance asset-backed lending in Egypt

By Delisha Fernandes

May 10, 2024

  • application development
  • Asset-Backed Financing
  • Asset-backed Lending
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MNZL

MNZL, a FinTech startup, has raised $3.5 million to revolutionise asset-backed lending in Egypt and across the MEA region.

MNZL’s recent funding round was led by P1 Ventures, Localglobe, and Ingressive Capital. Localglobe, renowned for backing FinTech giants like Wise and Robinhood, significantly bolstered the round, emphasizing the universal appeal and potential impact of MNZL’s innovative approach. Additional support came from 500 Startups, Flat6labs, First Circle, ENZA Capital, Beenok, and prominent angel investors.

Sameh Saleh, Founder & CEO, MNZL, said, “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”

For the first time, MNZL introduces a wallet concept to asset-backed lending, an innovation that allows home and car owners to upload their assets into a digital wallet and turn it into cash that they can borrow for their needs. MNZL has secured the necessary permits from the Financial Regulatory Authority (FRA) and has already seen promising early traction in the market, validating the demand for a more inclusive and accessible approach to credit.

Hisham Halbouny, Managing Partner at P1 Ventures, said, “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.”

Armed with new capital, MNZL plans to enhance technology and scale operations to empower more Egyptians. The vast market potential in Egypt and similar dynamics across the MEA region position MNZL as a pivotal player in the evolving landscape of global FinTech.

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