Cairo 9 Mai 2024:
Egyptian fintech startup MNZL has raised $3.5 million in a funding round led by Africa-focused venture capital firms P1 Ventures and Ingressive Capital, alongside London-based Localglobe.
In Egypt, less than 10% of adults have accessed credit from financial institutions, most of those loans are 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. MNZL aims to tap into this substantial market by introducing a revolutionary wallet concept that allows asset owners to leverage their property and vehicles easily and securely to meet their financing needs.
MNZL was founded by Sameh Saleh, Ahmed Dessouky, and Bassem Elshaer.
Sameh, a celebrated entrepreneur in the MENA region, previously founded Hawaya, which addressed critical social issues in the region before its high-profile acquisition by Match Group. Sameh’s entrepreneurial journey from seed to exit underscores his deep understanding of how technology can solve large-scale problems—a vision he carries into the financial sector with MNZL.
He has teamed up with Ahmed and Bassem, technology leaders who each have over a decade of experience working in and leading engineering and product teams across Europe and Africa. With roles at notable unicorns like Pleo and Trustpilot, experience in scaling digital products in Africa (EIDU), as well as work in global financial institutions like Deutsche Bank, they bring a unique blend of startup agility and institutional expertise.
MNZL’s recent $3.5 million 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.
Reflecting on MNZL’s mission, Sameh comments: “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, comments: “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.”
Yvonne Bajela, Partner at LocalGlobe, adds: “MNZL is precisely the kind of innovation that the financial sector in Egypt needs. 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.”
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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About MNZL:
MNZL, A Cairo based startup, Founded in 2023 by Sameh Saleh, Ahmed Eldessouky and Bassem El Shaer, is innovating the fintech landscape by transforming how assets like homes and cars are utilized for lending in Egypt. Their wallet approach ensures safer, easier, and more affordable credit solutions