TLDR:
- MNZL, a Cairo-based fintech startup, raised $3.5M in Seed funding.
- The round was led by P1 Ventures, Localglobe, and Ingressive Capital.
MNZL, a Cairo, Egypt-based fintech startup, has raised $3.5M in Seed funding. The funding round was led by P1 Ventures, Localglobe, and Ingressive Capital, with participation from 500 Startups, Flat6labs, First Circle Capital, ENZA Capital, Beenok, and angel investors. The company, founded by Sameh Saleh, Ahmed Dessouky, and Bassem Elshaer, offers users the ability to transform their assets such as homes and cars into liquidity for their projects and needs.
The startup introduces a wallet concept to asset-backed lending, allowing 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 already secured the necessary permits from the Financial Regulatory Authority (FRA) and has shown early traction in the market, demonstrating the demand for a more inclusive and accessible approach to credit.
With this new funding, MNZL plans to enhance its technology and scale its operations to empower more clients. The company aims to continue providing innovative financial solutions that bridge the gap between traditional lending methods and the needs of modern consumers. This investment marks a significant step forward for MNZL as it seeks to expand its presence in the fintech market and serve a broader customer base.
