Egyptian startup Mnzl secures $3.5 million funding for its asset-backed lending platform
In the bustling heart of Egypt, a new fintech player is making waves. Mnzl, an asset-backed lending platform, has secured $3.5 million in a recent funding round, aiming to revolutionise credit access in Egypt and beyond.
Founded in 2023 by Sameh Saleh, the mastermind behind the successful startup Harmonica, Mnzl operates through a digital wallet app. The platform allows home and car owners to upload their assets and turn them into digital assets for borrowing purposes.
Mnzl targets a significant portion of Egypt’s population—approximately 90%—who have not been able to access credit from conventional financial institutions. By offering credit using assets such as homes and cars as collateral, the platform aims to expand access to credit and address the lack of secured lending options, contributing to high interest rates and restricted access for many in the population.
The funding round was led by P1 Ventures, Ingressive Capital, Localglobe, 500 Global, Flat6Labs, First Circle Capital, Enza Capital, Beenok, and some angel investors. Notably, 500 Global and Flat6Labs, who joined this round, were investors in Sameh's previous startup as well.
Yvonne Bajela, Partner at LocalGlobe, considers Mnzl to be the kind of innovation the financial sector in Egypt needs. Sameh Saleh, the co-founder and CEO of Mnzl, stated that the platform is a complete revolution in credit access. Hisham Halbouny, Managing Partner at P1 Ventures, shares this sentiment, believing Mnzl's approach could set a new standard for lending in emerging markets.
While specific information on loan sizes and terms is not publicly detailed in these sources, it is likely that Mnzl will fund the loans, at least for now, from the funds raised in the recent round. Users who own a car worth EGP 500,000 (approximately USD 10,500) and have a monthly income of EGP 25,000 (approximately USD 525) could potentially borrow up to EGP 325,000 ($6,830) from the platform.
Mnzl's approach to leveraging tangible assets for financial services could potentially set a new standard for lending across emerging markets. The platform offers both conventional and Islamic lending products, positioning itself as a versatile solution for a diverse population.
As Mnzl continues to grow and innovate, it is likely that it will empower millions of Egyptians and drive financial inclusion and economic growth. The platform is part of Visa’s Africa Fintech Accelerator, highlighting its innovative approach and support from major financial players. For exact terms and loan sizes, checking Mnzl's official platform or contacting them directly would be advisable.
Business and technology intersect in the Egyptian fintech scene, as Mnzl, a digital asset-backed lending platform, aims to revolutionize credit access. Founded by Sameh Saleh, Mnzl's investing in innovative technology enables home and car owners to obtain loans using their assets as collateral, addressing the credit needs of Egypt's underserved population.
