MNZL, a financial firm based in Egypt, has announced securing a $3.5 million Seed funding round to improve technology infrastructure and expand its market footprint in the Middle East and Africa (MEA) region.
Sameh Saleh, Founder & CEO, of MNZL, while confirming the funding said that P1 Ventures, Localglobe, and Ingressive Capital led the round.
Sameh Saleh, Ahmed Eldessouky, and Bassem El Shaer founded MNZL in 2023 to enable users to convert their assets—such as homes and cars—into cash for their wants and projects.
Prominent angel investors including 500 Startups, Flat6labs, First Circle, ENZA Capital, and Beenok provided additional funding support.
MNZL has confirmed the need for a more open and accessible approach to credit by obtaining the required permissions from the Financial Regulatory Authority (FRA) and by observing encouraging early traction in the market.
Commenting on the fund, Saleh said, “By enabling Egyptians to safely harness their assets—homes or cars—for financial needs, We at MNZL are going beyond a mere adjustment; it’s a complete revolution in credit access.
“This shift not only empowers families by providing financial leverage but also contributes to broader economic prosperity in the region”
Reflecting on MNZL’s funding, Hisham Halbouny, Managing Partner at P1 Ventures, stated:
“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.”
With the introduction of a cutting-edge wallet idea, MNZL hopes to capitalise on this enormous market by enabling asset owners to safely and easily use their real estate and automobiles as collateral for loans.
We earlier reported that Axmed, a B2B marketplace platform with headquarters in Switzerland, revealed that it has secured a $2 million initial investment round to expedite the cost, accessibility, and delivery of innovative and necessary medications to low- and middle-income countries (LMICs).
