Egypt's digital savings platform Menthum closed a pre-seed round that was led by early-stage venture capital firm Acasia Ventures and A15, along with a number of angel investors.
The company will utilise its first funding round to expand its team across various functions and develop its tech infrastructure, according to a press release.
Founded in 2021 by Himanshu Shrimali and Ismail Sarhank, Menthum is a business-to-business (B2B) and business-to-consumer (B2C) digital savings platform that enables individuals and companies to invest in safe treasury bills (T-bills) through a money market fund.
Licensed and regulated by Egypt’s Financial Regulatory Authority (FRA), Menthum launched the first digital money market fund in the Arab Republic after teaming up with a leading investment manager.
Menthum developed an easy-to-use mobile application, through which customers can activate their accounts to manage financial transactions.
The app users will be able to add money to their Menthum account by transferring money from their account from any bank in Egypt.
Furthermore, they are allowed to withdraw money at any time from Menthum and transfer it back to their bank account, without any lock-in period.
The platform also enables small- and medium-sized enterprises (SMEs) as well as large corporations to invest in its money market fund to enhance their yield on their working capital.
Shrimali commented: “The people behind Acasia Ventures have been the founding pillars of the startup ecosystem in Egypt.”
“We are looking forward to leveraging their intricate knowledge of the scene and industry, as well as their portfolio companies to join hands with like-minded partners to make a positive impact,” the founder added.
Aly El Shalakany, Managing Partner at Acasia Ventures, said: “Given Menthum’s solid team, the traction it has gained so far, and its visionary roadmap, we firmly believe that the company could reshape the concept of savings tools in the country and tangibly contribute to Egypt’s financial inclusion mandate while providing alternative savings vehicles to a wide range of customer segments.”