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

Egyptian fintech startup, MNZLhas secured $3.5 million in seed funding to strengthen its technology and expand its operations.

The round was led by:

• P1 Ventures
• LocalGlobe
• Ingress Capital

with additional funding from other investors such as:

• Enza Capital
• 500 global
• Flat6Labs
• First Capital Circle
• All right

and various angel investors.

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

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

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

“By enabling Egyptians to safely leverage their assets – homes or cars – for financial needs, we at MNZL are going beyond a simple fix; it is a complete revolution in access to credit. This change not only empowers families by providing financial leverage, but also contributes to broader economic prosperity in the region,” Saleh said.

“We are excited to support Sameh and the MNZL team as they build a transformative platform. MNZL’s approach to leveraging hard 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 of P1 Ventures.

Product:

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

Business model:

Look also

• Digital Property Registration – A flat fee on registering units on behalf of customers
• Home equity financing: 1-2% fee from lenders on the total loan amount

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