Egyptian Fintech MNZL Secures $3.5 Million Funding to Revolutionize Credit Access in Egypt and MENA Region

Egyptian fintech startup MNZL has announced a successful $3.5 million funding round, aiming to reshape the lending landscape in Egypt and the Middle East and Africa (MENA) region. The funding round was led by P1 Ventures, Localglobe, and Ingressive Capital, with significant support from renowned investors such as 500 Startups, Flat6labs, First Circle Capital, Enza Capital, and Beenok.

Limited Access to Credit in Egypt and Africa

In Egypt, very few adults have been able to access credit from traditional financial institutions, with most loans being unsecured, resulting in restricted access and high costs. This trend is also prevalent in Africa, where limited secured lending options contribute to high interest rates and financial exclusion for the majority of the population. MNZL seeks to address this pressing issue by introducing an innovative portfolio concept that enables asset owners to safely and efficiently utilize their assets and vehicles to meet their financing needs.

Dynamic Team with Expertise

One of the startup's strong suits is its dynamic team, boasting extensive expertise. The team includes a well-known entrepreneur in the region and two seasoned technology leaders with significant experience in engineering and product development in Europe and Africa.

Revolutionizing Credit Access

MNZL's idea goes beyond a simple adjustment; it proposes a complete revolution in credit access for Egyptians, enabling individuals to leverage their assets, such as their homes or cars, to meet their financial needs.

Introducing a Novel Portfolio Concept

For the first time, MNZL introduces a portfolio concept for asset-backed loans, allowing homeowners and car owners to digitize their assets and convert them into liquid cash that can be borrowed for their needs. The startup has obtained the necessary licenses and has already achieved promising success in the market, validating the demand for a more inclusive and accessible approach to credit. With the new funding, MNZL plans to further enhance its technology and expand its operations to become a central player in the evolving global fintech landscape.