Egyptian Digital Savings Startup Menthum Secures Pre-Seed Funding
Menthum, an innovative digital savings startup based in Egypt, has successfully closed an undisclosed pre-seed funding round. The funding will be utilized to bolster the company’s team and enhance its infrastructure as it continues to establish its presence in the market.
Menthum: A Pioneering B2B and B2C Digital Savings Platform
Launched in November by experienced professionals Himanshu Shrimali and Ismail Sarhank, Menthum has introduced a unique B2B and B2C digital savings platform. The platform offers individuals and companies an innovative way to invest in secure treasury bills (T-bills) through a money market fund.
Regulated by Egypt’s Financial Regulatory Authority
As a testament to its commitment to regulatory compliance, Menthum operates under the supervision and licensing of Egypt’s Financial Regulatory Authority (FRA). Notably, Menthum has become the first digital money market fund in Egypt through a strategic partnership with a leading investment manager.
Prominent Investors Back Menthum’s Vision
Menthum’s pre-seed funding round attracted significant interest from prominent investors, including A15, Acasia Ventures (previously known as Cairo Angels), and a number of noteworthy angel investors. The capital infusion will primarily be allocated to expanding the team across various functions, acquiring customers, enhancing the brand presence, and developing the company’s technological infrastructure.
Reshaping Savings in Egypt and Driving Financial Inclusion
Aly El Shalakany, Managing Partner at Acasia Ventures, expressed enthusiasm about investing in Menthum, acknowledging the company’s potential to redefine savings tools in Egypt. With its dedicated team, strong market traction, and visionary roadmap, Menthum aims to contribute significantly to Egypt’s financial inclusion initiative by offering alternative savings opportunities to a diverse range of customer segments.
Menthum’s Vision for the Future
With the pre-seed funding secured, Menthum is well-positioned to continue its mission of revolutionizing the concept of savings in Egypt. The startup’s disruptive approach to digital savings and its dedication to financial inclusion hold the promise of transforming the financial landscape in the country, opening up new opportunities for individuals and businesses alike. As Menthum continues to grow and innovate, it aims to lead the way towards a brighter and more financially secure future for all Egyptians.