Introduction
Egyptian digital savings startup Menthum has taken a significant step in elevating the country's savings and investment landscape by partnering with CI Capital Asset Management. Together, they have launched the "Menthum USD Fixed Income Fund," a unique offering designed to provide both individuals and businesses with secure and high-yield savings opportunities in US dollars.
Menthum’s Innovative Approach to Savings
Founded in November 2022 by seasoned professionals Himanshu Shrimali and Ismail Sarhank, Menthum is a B2B and B2C digital savings platform that offers innovative ways for individuals and companies to invest in safe treasury bills (T-bills) through a money market fund. The startup gained early traction with an undisclosed pre-seed round of funding in July 2023, which paved the way for its latest product launch in collaboration with CI Capital.
Introducing the Menthum USD Fixed Income Fund
The "Menthum USD Fixed Income Fund" is a novel mutual fund designed to provide investors with a secure, high-yield, and liquid savings option in US dollars. This fund is tailored to deliver stable returns by investing in low-risk, high-quality fixed-income securities, including US dollar-denominated T-Bills and Eurobonds issued by the Egyptian government. It represents a significant innovation in Egypt’s financial services sector, offering a valuable tool for wealth preservation and growth in foreign currency.
Regulatory Compliance and Market Impact
The Menthum USD Fixed Income Fund is a fully regulated product under the Financial Regulatory Authority of Egypt (FRA), ensuring that it meets the highest standards of safety and reliability. This regulatory backing reinforces Menthum’s commitment to offering secure and smart savings solutions, making it an attractive option for those looking to manage their wealth effectively in a stable currency.
Vision and Future Goals
At the heart of Menthum's mission is the goal to create innovative financial solutions that cater to the evolving needs of the Egyptian population. Co-founder and CEO Himanshu Shrimali highlighted the importance of the new fund in fulfilling this mission: "The launch of the Menthum USD Savings Account, powered by the Menthum USD Fixed Income Fund, marks a significant milestone in our quest to empower Egyptians. By providing financial products that make their money work harder, we aim to improve their financial well-being."
Acknowledging Supportive Governance
Shrimali also expressed gratitude to the FRA for its pragmatic regulations and supportive approach, which have been crucial in fostering innovation and progressive governance in Egypt's financial sector. This collaborative environment has enabled startups like Menthum to develop and launch cutting-edge financial products that address the needs of a dynamic market..
