Other participants in the round included Flat6labs, 500 Startups, First Circle Capital, Beenok, ENZA Capital, and several notable angel investors. The capital infusion is intended to fuel MNZL's technological enhancements and expand its operations within the region, as MNZL aims to reshape the lending landscape in the Middle East and Africa, particularly in Egypt. The startup introduces a new concept termed the 'wallet,' allowing users to digitise their assets, such as homes and cars, and convert them into cash.
Having obtained the requisite permits from the Financial Regulatory Authority (FRA), MNZL seeks to address the challenge of limited access to credit among Egyptian adults, with less than 10% currently served by traditional financial institutions according to edgemiddleeast.com. The same source reveals that most available loans are unsecured, resulting in restricted access and high costs, reflecting a broader trend across Africa.
MNZL's wallet platform offers asset owners the opportunity to leverage their vehicles and properties, aiming to tap into this underserved market. Company officials emphasised the startup's vision to revolutionise credit access in the region, empowering users and supporting economic prosperity.
Prior to MNZL, the company's founder launched Hawaya, a startup addressing social issues in the region, which was subsequently acquired by Match Group. Representatives from P1 Ventures cited by edgemiddleeast.com expressed excitement about supporting MNZL, highlighting the startup's new approach to leveraging tangible assets for financial services. In turn, officials from LocalGlobe echoed the sentiment, emphasising the need for innovation in Egypt's financial sector.
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