To change the lending environment in Egypt and the MEA region, MNZL, a ground-breaking fintech startup, has successfully raised $3.5 million.
Less than 10% of Egyptian adults have taken out a loan from a financial institution; since most of these loans are unsecured, their availability is constrained and their costs are higher. This case is representative of a larger pattern in Africa, where a dearth of options for secured lending drives up interest rates and restricts access for most people. With the introduction of a cutting-edge wallet concept, MNZL hopes to capitalize on this sizable market by enabling asset owners to safely and easily use their real estate and vehicles as collateral for loans.
Sameh Saleh, Ahmed Dessouky, and Bassem Elshaer founded MNZL.
Before its well-publicized acquisition by Match Group, Sameh—a well-known businessman in the MENA area—founded Hawaya, a company that tackled important social issues in the area. Sameh has a profound understanding of how technology can solve complex problems, as demonstrated by his entrepreneurial journey from seed to exit. He brings this vision to the financial sector with MNZL.
He has teamed up with two highly experienced technology leaders from Europe and Africa, Ahmed and Bassem, who have each worked in and led engineering and product teams for more than ten years. They offer a special fusion of startup agility and institutional knowledge, having held positions at well-known unicorns like Pleo and Trustpilot, experience scaling digital products in Africa (EIDU), and work experience in international financial institutions like Deutsche Bank.
P1 Ventures, Localglobe, and Ingressive Capital led MNZL’s most recent $3.5 million fundraising round. Prominent for supporting Fintech behemoths such as Wise and Robinhood, Localglobe substantially strengthened the round, highlighting the cross-border attractiveness and potential influence of MNZL’s creative strategy. Beenok, First Circle Capital, ENZA Capital, 500 Startups, Flat6labs, and well-known angel investors provided additional support.
Reflecting on MNZL’s mission, 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.”
