Mnzl closes multi mn funding round led by international and Africa-focussed VCs: Local startup Mnzl has raised USD 3.5 mn in a funding round led by Africa-focussed P1 Ventures, the UK’s LocalGlobe, and Nigeria-based Ingressive Capital, according to a statement from the company yesterday. The funding round also received support from Egypt’s Flat6labs, Silicon Valley’s 500 Startups, African fintech investor First Circle, Kenya-based ENZA Capital, Africa-focussed Beenok, and “prominent angel investors.”

What’s the money for? The funds will be used to expand local operations and improve the technology the startup uses, Mnzl said.

Mnzl? The one-year old startup founded by Sameh Saleh, Ahmed Dessouky, and Bassem Elshaer received the go-ahead from the Financial Regulatory Authority to launch its e-wallet platform for asset-backed lending, which lets users log their assets on the wallet to use them as collateral for accessing credit. Mnzl also offers sharia-compliant lending in addition to conventional lending.

What they said: “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,” said co-founder Sameh Saleh. “This shift not only empowers families by providing financial leverage but also contributes to broader economic prosperity in the region.”

“Mnzl is precisely the kind of innovation that the financial sector in Egypt needs,” said LocalGlobe’s Yvonne Bajela. “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.”

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