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Egyptian Fintech Startup MNZL Secures $3.5 Million in Seed Funding to Revolutionize Asset-Backed Lending

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

This funding aims to empower more Egyptians by providing them with innovative financial solutions.

MNZL’s revolutionary platform allows users to leverage their existing assets, such as homes and cars, to gain access to much-needed liquidity for various projects and financial needs.

The company has pioneered a unique “wallet” concept within the asset-backed lending space.

Through this concept, homeowners and car owners can upload digital representations of their assets into a secure MNZL wallet. This allows them to unlock the value tied to those assets and convert it into usable cash for various purposes.

Sameh Saleh, co-founder of MNZL, highlights the transformative nature of the company’s approach. “MNZL goes beyond simply offering an alternative; it’s a complete revolution in how Egyptians access credit,” he states.

The $3.5 million seed funding round was led by P1 Ventures, Localglobe, and Ingressive Capital. Additional participation came from prominent investors like 500 Global, Flat6Labs, First Circle Capital, Enza Capital, Beenok, and a group of angel investors.

Expressing his enthusiasm, Hisham Halbouny, managing partner at P1 Ventures, commented, “We are thrilled to support MNZL’s mission.

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