Egyptian startup PALM secures substantial pre-seed funding, aiming to revamp the goal-based savings sector in the country.
In the heart of Cairo, a promising fintech innovation is taking shape. PALM, a goal-oriented savings platform, aims to reshape Egyptians' approach to money, moving from a passive "save what's left" mindset to a structured, goal-driven savings model.
Founded by Mazen El Kerdany and Ahmed Ashour, experienced investment executive and technology and finance leader respectively, PALM combines traditional investment tools with behavioral incentives to help Egyptians save effectively for specific life goals such as education, healthcare, weddings, travel, and major purchases.
The platform enables users to set personalized financial targets and pairs these with curated investment strategies spanning fixed income, equities, and precious metals. It also offers incentives through merchant partnerships, providing exclusive deals that reduce spending while enhancing savings value, thus promoting long-term disciplined saving habits with real financial returns.
Following a successful 7-figure pre-seed funding round led by 4DX Ventures, with backing from Plus VC and international angel investors, PALM plans to scale user acquisition, expand its product offerings, and grow its network of merchant partners. This funding aims to accelerate PALM’s mission of making saving more accessible and aligned with everyday life in Egypt.
PALM's impact on financial inclusion in Egypt is notable because it provides culturally relevant, technology-driven financial tools to a market where traditional banking and formal saving products are less accessible or trusted. By incentivizing saving and offering diversified investment exposure, PALM supports building sustainable financial habits, wealth creation, and a more resilient financial ecosystem.
With ambitions to expand beyond Egypt to serve users across the Mediterranean, PALM's emphasis on goal-based saving may resonate in a market where financial planning remains largely informal and reactive. As fintech solutions continue to rise across North Africa, PALM's innovative approach could potentially contribute to the growth of capital markets in the region.
In the face of vast amounts of idle capital within the system, with bank deposits at approximately EGP 8 trillion, gold holdings approaching EGP 7 trillion, and real estate assets exceeding EGP 70 trillion, PALM's strategies align with a broader trend of fintechs focusing on guiding users toward better financial planning and improved outcomes.
However, the real challenge for PALM lies in scaling and evolving into a trusted platform for navigating life's key financial decisions. As the platform rolls out new features tailored to Egypt's distinct savings habits, it is poised to make a significant impact on the financial landscape, aligning with Egypt’s Vision 2030 objectives, especially in promoting financial inclusion and encouraging greater household involvement in capital markets.
- PALM, a fintech innovation based in Cairo, is unique in the industry as it combines traditional finance with behavioral incentives, aiming to promote financial inclusion by making savings more accessible and aligned with everyday life, particularly in Egypt.
- By offering diversified investment exposure and incentivizing saving through exclusive deals, PALM supports the creation of sustainable financial habits, wealth building, and a more resilient financial ecosystem, not just in Egypt but potentially across the Mediterranean region.
- As PALM plans to scale user acquisition, expand product offerings, and grow its network of merchant partners, it aligns with a broader trend in the fintech industry, focusing on guiding users toward better financial planning and improved outcomes, a critical need considering the vast amounts of idle capital in the system.
