Egyptian neobank Menthum raises pre-seed funding
Egypt-based fintech Menthum has raised pre-seed funding from Acasia Ventures, along with A15 and other angel investors.
Founded in 2021 by Himanshu Shrimali and Ismail Sarhank, Menthum is a B2B and B2C digital savings platform that enables individuals and companies to invest in safe treasury bills (T-bills) through a money market fund.
The funding will go towards expanding Menthum’s team, customer acquisition, brand building, and developing the company’s tech infrastructure.
Key Takeaways
Digital banks—across several verticals—have enormous potential in Egypt, a country where 2 of every 3 individuals are partly or totally excluded from formal financial services but 50% of its 100 million people actively use smartphones. In addition to high mobile and internet penetration, the North African country boasts a young and tech-savvy population with 61% below 30. Startups like Menthum have thus moved to capture this opportunity with neo-banking platforms, contributing to the general booming fintech sector in Egypt.
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