Egyptian Fintech PALM Secures Significant Pre-Seed Funding
Egypt’s burgeoning fintech scene has received another boost with PALM, a savings-focused startup, successfully closing a seven-figure pre-seed funding round. This investment, led by 4DX Ventures and seeing participation from Plus VC and various international angel investors, signals strong confidence in PALM’s mission to revolutionize savings habits across North Africa. The company aims to simplify and incentivize saving for its users, addressing a crucial need in the Egyptian market.
Powering Expansion and Product Development
The newly acquired capital will be strategically deployed to enhance PALM’s existing product suite and foster new partnerships within its ecosystem. This expansion is geared towards achieving the ambitious goal of serving millions of customers throughout North Africa. According to PALM’s co-founder and CEO, Mazen El Kerdany, the impetus behind the startup is to empower Egyptians to take charge of their financial well-being by transforming consistent saving into a rewarding experience. El Kerdany emphasized that while Egyptians possess the capacity to save, they often lack access to the necessary tools that provide tangible returns, diversification, and alignment with individual financial objectives.
With Egyptians holding substantial assets, including EGP 8 trillion in bank deposits, $141 billion in gold, and $1.4 trillion in real estate, PALM is strategically positioned to tap into this market by offering innovative savings solutions. This funding round marks a significant step towards realizing its vision of democratizing access to effective saving tools and driving financial inclusion in Egypt and beyond.
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