Egypt-based fintech MNZL has raised $3.5 million in a Seed funding round, led by P1 Ventures, Localglobe, and Ingressive Capital. Additional support came from 500 Startups, Flat6Labs, First Circle Capital, ENZA Capital, Beenok, and other angel investors.
Founded in 2023 by Sameh Saleh, Ahmed Eldessouky and Bassem El Shaer, MNZL allows users to transform their assets like homes and cars into liquidity for their projects and needs.
The new capital will enable MNZL to enhance its technology, and scale operations to empower more Egyptians.
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.