MNZL

MNZL is an Egyptian financial technology company established in 2023 that operates an asset-backed lending platform. The firm was founded by Sameh Saleh, Ahmed Dessouky, and Bassem Elshaer. Saleh, a serial entrepreneur, previously founded the matchmaking platform Hawaya, which was acquired by Match Group in 2019. This experience of taking a company from inception to a successful exit provided him with insights into leveraging technology to solve large-scale problems, a vision he now applies to the financial sector. His co-founders, Dessouky and Elshaer, contribute over a decade of experience each in leading engineering and product teams at various European and African companies, including roles at prominent financial institutions.

The company is positioned to address a significant gap in the Egyptian and broader African credit market, where less than 10% of adults have been able to access credit from financial institutions. MNZL's core service enables individuals to unlock liquidity from their tangible assets, specifically cars and homes. Through its mobile application, available for Android and iOS, users can upload their assets into a digital wallet, which then provides a credit limit based on the asset's value. This model allows asset owners to secure financing for needs such as education or small business ventures. The platform offers both conventional and Sharia-compliant lending products, having received the necessary permits from Egypt's Financial Regulatory Authority.

MNZL's business model revolves around providing secured loans, which typically feature more favorable terms, such as lower costs and larger amounts, compared to the unsecured loans that dominate the market. In May 2024, the company announced a significant milestone, having raised $3.5 million in a seed funding round. The round was co-led by P1 Ventures, Localglobe, and Ingressive Capital, with participation from other notable investors including 500 Global and Flat6labs. This capital injection is intended to enhance the platform's technology and scale its operations within Egypt, with future ambitions to expand into other Middle Eastern and African markets.

Keywords: asset-backed lending, fintech, Egypt, financial inclusion, secured loans, digital wallet, personal finance, credit access, property-backed loans, vehicle-backed loans, Middle East finance, African fintech, Sameh Saleh, P1 Ventures, Localglobe, Sharia-compliant financing, mobile lending, liquidity solutions, real estate technology, automotive finance