Acasia Ventures, an Egyptian early-stage venture capital firm, has recently participated in a pre-seed investment round for Menthum, a digital savings platform based in Cairo. This funding round also included A15, a prominent investment firm, and several angel investors. The investment amount and specific details have not been disclosed in the provided information.
The recent investment from Acasia Ventures, along with other key players, will enable Menthum to expand its team, strengthen its brand presence, and develop its technological infrastructure. This investment round marks a significant milestone for Menthum as it positions itself for growth and disruption in the Egyptian financial services market, leveraging the founders’ expertise and the platform’s innovative approach.
Reasons for Investment
Investors decided to invest in Menthum due to several compelling reasons. One of the primary factors is the significant accessibility issues associated with traditional money market funds in Egypt. These obstacles include the need to physically visit overcrowded bank branches, inadequate customer service, lengthy purchase and redemption processes with fixed time windows, mandatory bank account opening requirements, high minimum investment thresholds, regulatory limitations on fresh investments, and more. Menthum recognized these challenges and addressed them through its technology-driven approach, simplifying the investment process and making it accessible to all.
Moreover, Menthum offers high returns and instant liquidity, making its safe money market fund an attractive alternative to traditional bank accounts for both individuals and corporations. By combining a user-friendly mobile application with a customer-centric approach, Menthum has created a seamless experience for its users. The platform allows individuals to sign up using their mobile number, complete a Know Your Customer (KYC) review, and start investing with any amount, even as low as one Egyptian pound. Customers have the flexibility to withdraw funds at any time without any lock-in period. The returns provided by Menthum’s money market fund surpass those typically offered by savings bank accounts.
Furthermore, Menthum extends its services to small- and medium-sized enterprises (SMEs) and large corporations, enabling them to maximize their working capital’s yield through the money market fund. This aspect appeals to investors who recognize the potential value and impact of empowering businesses of all sizes to optimize their financial resources.
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Menthum’s founders, Himanshu Shrimali and Ismail Sarhank, also bring a wealth of experience in the banking and financial services sector. Himanshu Shrimali, with over two decades of experience, including his previous role as the Head of Retail Banking at Arab African International Bank, possesses deep knowledge of the industry. Ismail Sarhank, with a decade of experience and previous experience as the Deputy CEO of IBAG for Money Transfer Solutions, contributes valuable insights. The founders’ expertise and industry knowledge provide investors with confidence in Menthum’s ability to navigate the financial landscape and drive success.
A Look at Menthum
Menthum, founded in 2021, is a digital savings platform primarily focused on the Egyptian market. The venture was co-founded by Himanshu Shrimali and Ismail Sarhank. Himanshu Shrimali, a seasoned professional with over two decades of experience in banking and financial services, previously served as the Head of Retail Banking at Arab African International Bank. Ismail Sarhank has worked in the financial services industry for ten years, most recently holding the position of Deputy CEO of IBAG for Money Transfer Solutions.
Menthum is a unique B2B and B2C platform that offers individuals and companies an innovative way to invest in safe treasury bills (T-bills) through a money market fund. Menthum provides individuals and companies with a convenient way to invest in safe treasury bills (T-bills) through a money market fund. Menthum’s platform offers an easy-to-use mobile application that simplifies the investment process. Users can sign up using their mobile number, complete the KYC review, and start investing with any amount. The platform allows customers to add funds by transferring money from any bank account in Egypt, without imposing a minimum amount restriction. The funds invested in Menthum’s money market fund generate returns that are significantly higher than those offered by traditional bank accounts.
In addition to catering to individual investors, Menthum also serves as a valuable tool for businesses, helping them enhance the yield on their working capital. By providing a digital savings platform, Menthum contributes to Egypt’s financial inclusion agenda while offering alternative savings vehicles to a diverse range of customer segments.
Menthum officially launched its mobile application in November of the previous year.
The platform operates under the supervision and regulation of Egypt’s Financial Regulatory Authority (FRA). Menthum has successfully launched the first digital money market fund in the country, establishing a partnership with a leading investment manager.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard