Egyptian fintech startup MNZL raises $3.5 million in large-scale seed funding

Egyptian fintech startup MNZL has raised $3.5 million in seed funding to improve its technology and scale operations to empower more Egyptians.

Founded in 2023 by Sameh Saleh, Ahmed Eldessouky and Bassem El Shaer, MNZL it allows users to turn their assets such as houses and cars into liquidity for their projects and needs.

The startup introduced a wallet concept for asset-backed loans, which allows home and car owners to load their assets into a digital wallet and turn them into money they can borrow for their 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.

MNZL has now raised a seed funding round of $3.5 million, led by P1 Ventures, Localglobe and Ingressive Capital, with additional support from 500 Global, Flat6Labs, First Circle Capital, Enza Capital, Beenok and other angel investors.

“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 only in Egypt but across emerging markets,” said Hisham Halbouny, managing partner of P1 Ventures .

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