Revolutionizing savings in Egypt, tech startup PALM clinches significant pre-seed funding totaling seven figures to redefine goal-focused savings.
PALM, an innovative Egyptian fintech startup, has successfully secured a seven-figure pre-seed round of funding. The round was led by 4DX Ventures, with participation from Plus VC and international angel investors.
Based in Cairo, PALM was founded by Mazen El Kerdany and Ahmed Ashour. El Kerdany, an investment executive with over 10 years of experience, has managed around USD 2 billion, with senior roles at EFG Hermes, Beltone Financial Holding, and Egypt Post’s investment arm. Ashour brings global experience from Amazon and Goldman Sachs, with over 10 years in the technology and finance sectors across EMEA and the US.
PALM is developing a goal-oriented savings platform to help Egyptians manage their finances and achieve personal goals like education, healthcare, travel, and major purchases. The platform uses smart investment tools and rewards to promote long-term saving, and users can define life goals and the platform will match them with tailored investment strategies.
The newly raised capital will support PALM in expanding its user base and broadening its savings and investment offerings. The app combines fixed income, equities, and precious metals with behavioral rewards and provides access to special deals from partner merchants. The core idea is to make saving both disciplined and rewarding.
Fintechs in the region are moving beyond simple digitization to actively guide users towards better financial planning and improved outcomes. PALM's emphasis on goal-based saving may resonate in a market where financial planning remains largely informal and reactive.
The real challenge for PALM lies in scaling and proving whether it can evolve into a trusted platform for navigating life's key financial decisions. The co-founders aim to reshape how Egyptians approach money, moving away from the passive "save what's left" mindset. Users earn incentives for staying consistent, and the app seeks to generate real returns via diversified investments and cut excess spending through built-in perks.
PALM's approach aligns with Egypt's Vision 2030 objectives, especially in promoting financial inclusion and encouraging greater household involvement in capital markets. Bank deposits, gold holdings, and real estate assets in Egypt exceed EGP 70 trillion, indicating a vast amount of idle capital within the system. What's missing is a platform that empowers individuals to set financial goals, develop consistent saving habits, and access investment opportunities that fit seamlessly into their everyday routines.
As PALM prepares to scale regionally across the Mediterranean, it aims to roll out new features tailored to Egypt's distinct savings habits, making the platform more accessible and relevant to a broader audience. The startup's mission is to transform how Egyptians save and achieve financial goals, responding to a largely informal saving culture with a more disciplined, rewarding, and outcome-focused platform.
- With the pre-seed funding secured by PALM, a fintech startup in Egypt, the company plans to expand its user base and broaden its savings and investment offerings, aiming to make financial inclusion more accessible for Egyptians.
- In line with Egypt's Vision 2030 objectives, PALM seeks to encourage greater household involvement in capital markets by empowering individuals to set financial goals, develop consistent saving habits, and access investment opportunities that fit into their everyday routines.
- As PALM's goal-oriented savings platform promotes long-term saving and personal-finance management, it could prove instrumental in shifting Egypt's informal and reactive financial planning culture towards a more disciplined, rewarding, and outcome-focused approach, leveraging technology for education-and-self-development and smart investing in business areas like finance.
