Egypt-based fintech startup PALM secures significant pre-seed funding of seven figures, aiming to revolutionize targeted savings.
Egyptian Fintech Startup PALM Raises Pre-Seed Funding for Goal-Oriented Savings Platform
PALM, a Cairo-based fintech startup, has successfully secured a seven-figure pre-seed round, marking a significant milestone in its mission to revolutionize personal finance in Egypt. Founded by Mazen El Kerdany and Ahmed Ashour, PALM offers a unique goal-oriented savings platform that empowers individuals to manage their finances effectively and achieve personal goals such as education, healthcare, travel, or major purchases.
Unlike traditional digital wallets, PALM combines tailored investment strategies (fixed income, equities, precious metals) with behavioural rewards and merchant deals to encourage disciplined saving and generate real returns. By embedding investment into the saving and spending process, PALM makes financial planning more mindful and outcome-focused.
The platform's investment strategy is designed to be diversified and aligned with users’ defined goals. This approach targets long-term saving with incentives to maintain consistency and reduce excess spending, addressing the gap in accessible tools that grow money effectively in Egypt.
The funding round was led by 4DX Ventures, with participation from Plus VC and various international angel investors. The capital raised will support PALM in accelerating user acquisition, expanding product use cases, strengthening strategic partnerships, innovating the product, and deepening market engagement.
PALM's impact on financial inclusion is significant. Egyptians hold substantial wealth in bank deposits, gold, and real estate, but lack adequate financial planning tools. PALM aims to convert saving from an informal, reactive habit into a proactive, goal-driven behavior, thereby enhancing individual savings habits and supporting broader national financial inclusion and resilience goals aligned with Egypt’s Vision 2030.
By making saving culturally relevant and financially rewarding, PALM aspires to extend its reach across the Mediterranean region, improving household participation in capital markets and fostering a healthier financial culture.
With its unique approach, strong funding, and clear mission to advance financial inclusion and smarter saving habits in Egypt, PALM stands out among Egyptian fintech startups. The real challenge for PALM is scaling and proving itself as a trusted platform for navigating life's key financial decisions. However, with its structured, incentive-driven saving platform, PALM is well-positioned to meet this challenge and become a leader in the region's fintech landscape.
[1] PALM - Official Website [2] Press Release: PALM secures pre-seed funding [3] Egyptian fintech startup PALM secures funding for goal-oriented savings platform [4] PALM raises funding for goal-oriented savings platform in Egypt
- PALM's goal-oriented savings platform, combining technology with education-and-self-development opportunities, aims to revolutionize personal finance and promote financial inclusion by making saving a proactive, goal-driven behavior in Egypt and potentially across the Mediterranean region.
- As PALM's mission is to advance financial inclusion and smarter saving habits, it plans to use the raised funding for technology innovation, expanding product use cases, and deepening market engagement, ultimately making efficient finance accessible and enhancing individuals' ability to achieve their personal and long-term financial goals.
