Egypt: PALM Raises 7-Figure Funding Led by 4DX Ventures to Revolutionize Savings
In a significant stride for Egypt’s fintech landscape, PALM, a startup dedicated to incentivized goal-based savings, has closed a substantial seven-figure pre-seed funding round. This pivotal investment round was spearheaded by 4DX Ventures, with contributions from Plus VC and several international angel investors.
The recent infusion of funds will be instrumental in propelling PALM’s agenda forward. The company aims to accelerate user acquisition, expand its product offerings, and reinforce its network of strategic partners. This strategic move aligns with PALM’s long-term vision to extend its reach across the Mediterranean, empowering users to confidently plan, save, and grow their wealth.
Mazen El-Kerdany, Co-Founder and CEO of PALM, expressed his gratitude: “We’re incredibly grateful to our investors for their trust and belief in PALM’s vision. Their support empowers us to accelerate our mission of transforming how Egyptians save and achieve their life goals.”
El-Kerdany further explained the rationale behind PALM: “We launched PALM to help Egyptians take control of their financial future by turning gradual saving into a smarter, more rewarding habit.” Highlighting the financial landscape, he noted that Egyptians collectively hold substantial assets across various forms but face a lack of accessible tools that deliver real returns and align with personal goals.
Palm’s innovative approach offers a seamless, personalized saving experience, tailored to help users achieve diverse life goals. Whether for education, healthcare, marriage, or major purchases like travel and appliances, PALM integrates traditional investment tools with modern behavioral nudges, rewarding users for consistency and progress.
Ahmed Ashour, Co-Founder of PALM, described the current financial landscape: “Currently, Egyptians have limited options when it comes to managed investments due to high fees and minimum investment tickets required for such services. We are changing how Egyptians save by offering a modern saving experience that caters to their lifestyle needs and aligns with their interests.”
Reflecting on the successful funding round, Hasan Haider, Founder and Managing Partner at Plus VC, commented: “PALM is redefining money management by helping individuals plan and manage major life expenses with expert strategies and exclusive deals. They’re addressing a critical gap in personal finance and are well-positioned to become a trusted financial companion for the next generation.”
