PALM, an innovative fintech startup from Egypt, has successfully secured a seven-figure pre-seed funding round led by 4DX Ventures, with contributions from Plus VC and international angel investors. Based in Cairo and founded by Mazen El Kerdany and Ahmed Ashour, the company is developing a unique savings platform aimed at helping Egyptians manage their finances and achieve personal goals through strategic investments and rewards.
Unlike traditional digital wallets or basic savings accounts, PALM offers a personalized approach. Users can set specific life goals, such as saving for education, healthcare, travel, or major purchases, which are then paired with customized investment strategies. The platform encourages long-term savings by integrating fixed income, equities, and precious metals with behavioral rewards, while also offering special deals from partner merchants.
The main concept is simple: saving should be disciplined yet rewarding. Users receive incentives for maintaining consistency, while the app aims to generate real returns through diversified investments and reduce unnecessary spending with built-in perks. This approach allows users to reach their financial goals, like purchasing a washing machine or planning a vacation, more quickly and economically.
CEO El Kerdany emphasizes that the challenge for Egyptians is not the ability to save, but the lack of effective tools to grow their savings. With bank deposits at approximately EGP 8 trillion, gold holdings nearing EGP 7 trillion, and real estate assets exceeding EGP 70 trillion, there is a significant amount of idle capital in the system. PALM seeks to empower individuals by providing a platform to set financial goals, develop consistent saving habits, and access investment opportunities that fit seamlessly into their daily lives.
The founders bring extensive industry expertise, with El Kerdany having managed multi-billion-dollar investments at EFG Hermes and Beltone, and Ashour possessing global experience from Amazon and Goldman Sachs. They aim to transform the Egyptian saving paradigm from a passive “save what’s left” mentality to a structured, goal-oriented model aligned with everyday financial habits.
The newly acquired capital will be used to expand PALM’s user base, enhance its savings and investment offerings, and strengthen partnerships with merchants and financial institutions. The company also plans to introduce new features tailored to Egypt’s unique savings habits, making the platform more accessible and relevant, particularly for the underbanked population.
PALM’s mission aligns with Egypt’s Vision 2030 goals, promoting financial inclusion and encouraging greater household participation in capital markets. This reflects a regional trend where fintech companies are evolving beyond mere digitization to actively guide users towards better financial planning and improved outcomes. As fintech solutions gain momentum across North Africa, PALM’s focus on goal-based saving could resonate in a market where financial planning is still largely informal and reactive. The real test will be scaling and establishing PALM as a trusted platform for savings and navigating key financial decisions in life.
