Egyptian digital savings startup Menthum has secured an undisclosed pre-seed round of funding to help it expand its team and develop its infrastructure. Licensed and regulated by Egypt’s Financial Regulatory Authority (FRA), Menthum has launched the first digital money market fund in the country, partnering with a leading investment manager. Its pre-seed funding round features A15, Acasia Ventures (known as Cairo Angels until announcing a rebrand late last year), and a number of prominent angel investors. The funding will go towards expanding Menthum’s team across various functions, customer acquisition, brand building and developing the company’s tech infrastructure. “We are excited to invest in the company that’s paving a fresh way to money for Egypt,” Acasia Ventures managing partner Aly El Shalakany said.

Source: The North Africa Journal July 19, 2023 10:14 UTC