Mnzl, an Egyptian asset-backed lending platform, has secured $3.5 million in a recent funding round led by prominent Africa-focused venture capital firms P1 Ventures and Ingressive Capital, along with London-based LocalGlobe. The funding round also saw participation from 500 Global, Flat6labs, First Circle Capital, Enza Capital, Beenok, and several angel investors, the company announced today.
Founded in 2023 by Sameh Saleh, Mnzl aims to revolutionize lending in Egypt by enabling users to leverage their assets, such as homes or cars, as collateral for loans. Saleh, previously known for founding Harmonica, an Egyptian matchmaking platform acquired by Match Group in 2019, has joined forces with Ahmed Dessouky and Bassem Elshaer to spearhead Mnzl’s operations.
Mnzl’s platform, available as an Android and iOS app, allows users to apply for secured loans entirely online, with the loans being disbursed directly into Mnzl’s digital wallet. Although specific details regarding loan terms and sizes are not provided on the website, a calculator indicates that users can borrow substantial amounts based on the value of their assets.
The startup’s mission is to address the lack of secured lending options in Egypt, where less than 10 percent of adults have accessed credit from financial institutions. By offering both conventional and Islamic lending products, Mnzl aims to tap into a significant market segment and promote financial inclusion across the region.
Commenting on the funding round, Sameh Saleh, CEO of Mnzl, expressed enthusiasm about the platform’s potential to empower Egyptian families and contribute to broader economic prosperity. Hisham Halbouny, Managing Partner at P1 Ventures, praised Mnzl’s innovative approach to financial services, while Yvonne Bajela, Partner at LocalGlobe, emphasized the platform’s role in driving financial inclusion and economic growth in Egypt.
With the newly raised funds, Mnzl plans to further develop its technology infrastructure and expand its marketing efforts. While the statement does not explicitly mention it, the funds are expected to support the platform’s lending activities, at least initially.
As Mnzl continues to gain traction and secure necessary regulatory approvals, it positions itself as a significant player in Egypt’s evolving fintech landscape, poised to make a substantial impact on the country’s financial sector and beyond.