Egypt: P1 Ventures, Localglobe, others back MNZL
Egypt-based fintech startup MNZL has raised $3.5 million.
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Egypt-based fintech startup MNZL has raised $3.5 million, led by P1 Ventures, Localglobe, and Ingressive Capital. Additional support came from 500 Startups, Flat6labs, First Circle Capital, ENZA Capital, Beenok, and prominent angel investors.
In Egypt, less than 10% of adults have accessed credit from financial institutions. Most of those loans are unsecured, which by nature comes with a very restrictive access, or a much higher cost. This situation reflects a broader trend across Africa, where a lack of secured lending options contributes to high interest rates and restricted access to the majority of the population. MNZL aims to tap into this substantial market by introducing a revolutionary wallet concept that allows asset owners to leverage their property and vehicles easily and securely to meet their financing needs.
MNZL was founded by Sameh Saleh, Ahmed Dessouky, and Bassem Elshaer.
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."
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