Egyptian fintech startup MNZL has raised $3.5 million to enhance its technology and scale up its operations to transform the lending landscape in Egypt and across the MEA region.
In Egypt, less than 10% of adults have accessed credit from financial institutions; most loans are unsecured, which comes with 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 most 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.
P1 Ventures, Localglobe, and Ingressive Capital led MNZL’s recent $3.5 million funding round. Additional support came from 500 Startups, Flat6labs, First Circle Capital, ENZA Capital, Beenok, and prominent angel investors.
Reflecting on MNZL’s mission, startup’s founder Sameh comments: “By enabling Egyptians to safely harness their own 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.”
For the first time, 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. MNZL has secured the necessary permits from the Financial Regulatory Authority (FRA) and has already seen promising early traction in the market, validating the demand for a more inclusive and accessible approach to credit
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.”
