MNZL, a Cairo, Egypt-based fintech startup allows users to transform their assets like homes and cars into liquidity for their projects and needs, raised $3.5M in Seed funding.
The round was led by P1 Ventures, Localglobe, and Ingressive Capital. Localglobe, with participation from 500 Startups, Flat6labs, First Circle Capital, ENZA Capital, Beenok, and angel investors.
The company intends to use the funds to enhance its technology, and scale operations to empower more clients.
Founded by Sameh Saleh, Ahmed Dessouky, and Bassem Elshaer, 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. It has secured the necessary permits from the Financial Regulatory Authority (FRA) and has already seen early traction in the market, validating the demand for a more inclusive and accessible approach to credit.
FinSMEs
13/05/2024