Fintech MNZL raises $3.5 million

Fintech startup based in Egypt MNZL raised $3.5 million in a funding round led by P1 Ventures, Ingressive Capital and Localglobe.

Other participants in the round included Flat6labs, 500 Startups, First Circle Capital, Beenok, ENZA Capital and several major angel investors. The capital infusion is set to fuel MNZL’s technological improvements and expand its operations within the region, as MNZL aims to reshape the lending landscape in the Middle East and Africa, particularly in Egypt. The startup introduces a new concept called “wallet,” which allows users to digitize their assets, such as homes and cars, and convert them into cash.

MNZL’s future plans

After obtaining the necessary permits from the Financial Regulatory Authority (FRA), MNZL seeks to address the challenge of limited access to credit among Egyptian adults, with less than 10% currently served by traditional financial institutions according to edgemiddleeast.com. The same source reveals that the majority of available loans are unsecured, resulting in limited access and high costs, reflecting a broader trend across Africa.

MNZL’s portfolio platform offers asset owners the opportunity to leverage their vehicles and properties, with the aim of tapping into this underserved market. Company officials highlighted the startup’s vision of revolutionizing access to credit in the region, empowering users and supporting economic prosperity.

Prior to MNZL, the company’s founder launched Hawaya, a startup addressing social issues in the region, which was later acquired by Match Group. Representatives from P1 Ventures quoted by edgemiddleeast.com expressed enthusiasm in backing MNZL, highlighting the startup’s new approach to leveraging hard assets for financial services. In turn, LocalGlobe officials echoed this sentiment, highlighting the need for innovation in Egypt’s financial sector.

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