Egyptian Fintech PALM Secures 7-Figure Pre-Seed Funding for Savings Revolution

Egypt-based fintech startup PALM has successfully secured a 7-figure pre-seed funding round, led by 4DX Ventures with additional support from Plus VC and several international angel investors. This funding is aimed at enhancing the startup's product offerings and expanding its partnerships across North Africa, with the goal of serving millions of customers in the region.

PALM was founded with the mission to make savings more accessible and rewarding for its users. The startup's co-founder and CEO, Mazen El Kerdany, emphasized that the challenge for Egyptians is not their ability to save but the lack of tools that provide real returns, diversification, and alignment with personal financial goals. Egyptians collectively hold significant assets in bank deposits, gold, and real estate, indicating a strong potential for savings growth.

El Kerdany highlighted that the traditional 'earn-spend-save what is left' approach is no longer effective. He believes that smarter spending and saving require financial planning and a proactive mindset, which PALM aims to foster. The startup is committed to transforming how Egyptians save and achieve their life goals, making the process more enjoyable and rewarding.

PALM's digital platform combines traditional investment strategies with behavioral incentives to reward users for consistent saving. The platform integrates returns from diversified assets such as equities, fixed income, and precious metals with exclusive merchant deals to enhance value and reduce daily expenses. This approach not only empowers individuals but also supports broader national goals like financial inclusion and increased household participation in capital markets, as outlined in Egypt’s Vision 2030.

The Cairo-based startup is positioning itself as a key player in advancing financial inclusion in Egypt and across North Africa. By offering a low-barrier, digitally native savings platform integrated with everyday spending, PALM aims to make saving a cultural movement. The startup plans to expand its user base, launch new features, and strengthen partnerships to become the financial companion for life’s milestones across the country.

Peter Orth, Co-founder and Managing Partner at 4DX Ventures, expressed confidence in PALM's potential to transform financial wellness across Africa. He believes that the startup's approach of making saving easier, delivering real returns, and unlocking meaningful discounts on major expenses will have a significant impact on the region.

Ahmed Ashour, co-founder of PALM, noted that Egyptians currently have limited options for managed investments due to high fees and minimum investment requirements. PALM aims to offer a modern saving experience that caters to users' lifestyle needs, aligns with their interests, and supports their financial journeys regardless of their income levels or assets. The startup's vision is to make saving fun, personalized, hassle-free, and rewarding for everyone.

With the support of its investors, PALM is poised to accelerate its mission of transforming how Egyptians save and achieve their life goals. The startup's innovative approach to savings and financial planning is set to make a significant impact on the financial landscape of North Africa.