Egyptian FinTech Menthum raises pre-seed funding from top VCs A15 and Acasia and prominent angels

Egyptian FinTech Menthum raises pre-seed funding from top VCs A15 and Acasia and prominent angels

Cairo, Egypt - Egyptian venture capital firms A15, Acasia Ventures and prominent angels have completed an investment in Cairo-based digital savings platform Menthum, joining a pre-seed round. Menthum is a B2B and B2C digital savings platform that provides individuals and companies an innovative way to invest in safe treasury bills (T-bills) through a money market fund1. 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. Traditional money market funds are usually highly inaccessible to Egyptians due to the friction associated with the traditional channels. The friction takes a variety of forms, such as the need to visit (perennially crowded) physical bank branches, poor customer service and customer hand holding, longer cycle to purchase/redeem fund certificates with rigid time-windows, pre-requisite to open an account at the bank to be able to purchase the fund, high minimum investment requirement, banks’ (sometimes) inability to accept fresh money due to regulatory ceiling, etc. Menthum re-invented the money market fund with its technology and innovative process flow, making it simple and accessible for all. With high returns, instant liquidity coupled with a user-friendly mobile application, Menthum has