Egypt’s Fintech Mnzl Secures $3.5 Million Investment
The newly secured investment will be allocated towards further technological development and strategic marketing initiatives.
Egyptian fintech startup Mnzl has raised $3.5 million in a funding round led by Africa-focused venture capital firms P1 Ventures and Ingressive Capital, alongside London-based Localglobe.[1]
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The newly secured investment will be primarily allocated towards further technological development and strategic marketing initiatives.
The funding round also saw participation from investors including 500 Global, Flat6labs, First Circle Capital, Enza Capital, Beenok, and several angel investors.
Mnzl was founded in 2023 by Sameh Saleh, who previously spearheaded the Egyptian matchmaking platform Harmonica, acquired by Match Group in 2019 and later rebranded as Hawaya.
Accessible via Android and iOS apps, Mnzl helps Egyptian users utilize their assets, such as homes or cars, as collateral to apply for loans. These secured loans can be requested and received through Mnzl's digital wallet, with the entire process conducted online.
While specific details regarding loan terms and sizes are not disclosed on the website, a provided calculator suggests that users possessing a car valued at $10,500 and a monthly income of $525 could potentially borrow up to $6,830 from the platform.
Mnzl offers both conventional and Islamic lending products, catering to diverse financial preferences within the Egyptian market.