Menthum is a B2B and B2C digital savings platform that provides an innovative way to invest in safe treasury bills (T-bills) through a money market fund. Licensed and regulated by Egypt’s Financial Regulatory Authority (FRA), Menthum launched the first digital money market fund in the country, partnering with a leading investment manager.
Menthum offers a mobile app for individual customers that makes saving simple, secure, and smart. Users can easily create an account, deposit and withdraw money, and track their returns on the app. Menthum also recently introduced the Arabic language option on its app to cater to the preferences of its customers.
As Menthum gains traction among individual savers, it also expands its services to corporate customers with the launch of its first-of-its-kind corporate mobile app. The app is designed to serve the unique needs of corporate entities, whether they are SMEs, startups, or large corporations. Corporate customers can benefit from Menthum’s high returns, low risk, and liquidity features, as well as manage multiple accounts and transactions on the app.
Ismail Sarhank, Co-Founder and COO of Menthum, told Daily News Egypt that Menthum was originally conceived for individual customers, but they always listen to their customers’ feedback. When their customers asked them to extend their solution to serve corporate customers too, they went back to the drawing board and built their corporate mobile app.
Ismail also shared that the market response has been far better than they had anticipated. People have added over EGP 250m to their Menthum accounts so far. He attributed this success to the growing tech-savvy of Egyptian society and the increasing willingness to use new solutions that add tangible value to their lives.
Menthum is novel in everything they do, from its fully digitalized services to its innovative name, making it stand out in the market and stick in the minds of its audience. This approach has established the company solidly in the market and differentiated its services well vis-a-vis the traditional financial services providers.
Himanshu Shrimali, Co-Founder and CEO of Menthum, announced that they are piloting a new product, called “mSIP” (Menthum Systematic Investment Plan), designed for corporate employees. Unlike the traditional payroll service, mSIP is a unique service that allows companies to offer their employees a savings tool, where they can choose a desired percentage of their salary (for example 5%-10%-20%, etc.), to save monthly in an automated and disciplined way.
Himanshu explained that people tend to stick to their habits, especially in financial matters, and it takes time and motivation to change them. While loan products can create an urgent need for change, savings products do not have the same effect. However, Menthum believes that it can make a difference with its savings service. Most people are not aware of the power of disciplined saving and interest compounding. But, gradually, people are learning that saving small amounts regularly can accumulate to a large sum and make their future financially more secure.
Menthum founders wanted to make saving simple, secure, and smart from the beginning. Therefore, they created their money market fund that only invests in low-risk Egyptian treasury bills, instead of riskier assets like stocks and bonds. Having their fund also enabled the company to bring multiple innovations to their solution, making it very customer-friendly. In terms of marketing their services, the team follows the company’s philosophy of simplicity and customer-centricity. In Menthum, one can start saving from 1 pound to millions, a significant step towards increasing financial inclusion in society.
Himanshu said that Menthum takes its role in improving financial literacy very seriously. For this purpose, it has created a library of financial planners, available on its app and website, called “Menthum Money Wise”. Using simple math, the interactive planners help people make the right money decisions.
Ismail added that people should learn the basics of an effective investment portfolio and how to diversify their funds in various saving and investment channels, such as CDs, stocks, real estate, etc. Moreover, there is always a vital need to set aside liquid money for living expenses and emergency cases. Menthum is focused on making people’s liquid savings safe and productive.
Regarding the company’s future roadmap, Himanshu informed that in line with Egypt’s vision of enhancing digitalization in the country, the team is working on implementing “E-KYC” by the end of the year, after obtaining the necessary approvals from FRA. Another major expansion plan involves enabling embedded finance (known as SaaS – Saving as a Service), to be present wherever the customers are. Built on an API suite, SaaS can power any app that wants to provide a seamless saving proposition to its customers. The team is forming partnerships with other financial services companies, to offer saving services on apps other than Menthum.
Ismail concluded by saying that currently, they are solely focused on establishing Menthum as the go-to product for saving money. Later on, they will expand their solutions to add more value to people’s financial lives.
Egyptian venture capital firms A15, Acasia Ventures, and prominent angels have invested in Cairo-based digital savings platform Menthum.
