Egyptian fintech start-up MNZL has secured $3.5 million to scale its operations in the region.

The seed funding round was led by venture capital firms P1 Ventures, Localglobe and Ingressive Capital, with additional support coming from 500 Startups, Flat6Labs, First Circle Capital, ENZA Capital, Beenok and other angel investors, according to a statement.

The start-up looks to transform the lending landscape in Egypt and across the Middle East and Africa (MEA) region.  

It has introduced a concept to asset-backed lending, allowing home and car owners to upload their assets into a digital wallet and turn it into cash that they can “borrow” for their needs.

MNZL said it has seen “promising early traction” in the market, highlighting that there is a demand for a more inclusive and accessible approach to credit.

The company said it will use the new capital to improve its technology and expand operations to empower more Egyptians.

(Writing by Cleofe Maceda; editing by Seban Scaria)