Cairo-based digital savings platform Menthum has announced it has raised pre-seed funding from Egyptian early-stage venture capital firm Acasia Venture, along with A15 and other angel investors in its first funding round
The funding will go towards expanding Menthum’s team across various functions, customer acquisition, brand building and developing the company’s tech infrastructure.
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.It is licensed and regulated by Egypt’s Financial Regulatory Authority (FRA) and has launched the first digital money market fund in the country, partnering with a leading investment manager.
The Methum mobile app has already been live on app stores since November last year. Once users sign up using their mobile number and scan their National ID, it automatically fetches ID data. After the Menthum team completes the KYC review process, the account is activated. Customers can add money to their Menthum account by transferring money from their account from any bank in Egypt while there is no minimum amount restriction or lock-in period, the company said.
According to the firm, money in a Menthum account is invested in a safe money market fund with returns that are almost twice as high as those of a typical savings bank account.
Acasia Ventures Managing Partner Aly El Shalakany 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.”
Himanshu Shrimali, Co-Founder of Menthum, added: “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.”
