– MNZL, an Egyptian fintech startup, successfully raises $3.5 million in recent funding round.

– Funding led by P1 Ventures, Localglobe, and Ingressive Capital, with participation from prominent investors including 500 Startups and Flat6labs.

– MNZL’s innovative platform digitizes assets, empowering Egyptians to convert their homes and cars into accessible cash for future financial needs.

Egyptian fintech startup MNZL has secured $3.5 million in funding to revolutionize asset-backed lending. 

P1 Ventures, Localglobe, and Ingressive Capital spearheaded the recent funding round, joined by notable investors including 500 Startups, Flat6labs, First Circle, ENZA Capital, Beenok, and several angel investors.

Founded in 2023 by Sameh Saleh, Ahmed Dessouky, and Bassem Elshaer, MNZL offers a platform allowing homeowners and car owners to digitize their assets, transforming them into accessible cash for future needs.

MNZL’s cofounder, Sameh Saleh, emphasized the significance of empowering Egyptians to leverage their assets for financial flexibility. 

Saleh, previously known for founding the socially impactful dating app Hawaya, which was later acquired by Match Group in 2019, highlighted how MNZL’s approach not only enhances financial autonomy for families but also contributes to broader economic prosperity.

Despite challenges such as the Russia-Ukraine conflict and the devaluation of the Egyptian pound impacting Egypt’s vibrant startup ecosystem, MNZL’s successful funding round reflects resilience and potential for growth. 

Investment in Egyptian startups saw a 17% decrease in 2023, totaling $608 million across 90 deals, according to media reports.

However, fintech startups managed to secure $12 million through 19 deals during the same period.

In a parallel development, Egypt-based fintech startup Swypex recently announced securing $4 million in seed funding led by Accel, marking the US-based firm’s inaugural fintech investment in the region.