Friday June 14th, 2024
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Fintech Startup MNZL Raises $3.5M to Introduce New Lending Options

MNZL’s new wallet concept enables asset owners to leverage their property and vehicles securely for financing.

Startup Scene

Fintech Startup MNZL Raises $3.5M to Introduce New Lending Options

MNZL, a fintech startup based in Egypt, has secured $3.5 million from a funding round led by P1 Ventures, Localglobe and Ingressive Capital.

With less than 10% of adults in Egypt accessing credit from financial institutions according to the World Bank, and most loans being unsecured, there's a pressing need for innovative solutions to broaden access and reduce costs. Founded by Sameh Saleh, Ahmed Dessouky, and Bassem Elshaer, MNZL aims to address this gap by introducing a new wallet concept, enabling asset owners to leverage their property and vehicles securely for financing, thus tapping into a significant market demand for secured lending options.

"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,” Sameh Saleh, founder of MNZL, tells StartupScene. “This shift not only empowers families by providing financial leverage but also contributes to broader economic prosperity in the region”

With promising early traction in the market and necessary permits secured from the Financial Regulatory Authority, MNZL looks to scale operations in order to tap into the vast market potential in Egypt and similar dynamics across the MEA region.

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