Egypt-based fintech startup PALM has closed a 7-figure pre-seed funding round, led by 4DX Ventures with participation from Plus VC and a group of international angel investors. Founded in 2024 by Mazen El Kerdany and Ahmed Ashour, PALM aims to transform how people save, by aligning financial tools with everyday life goals.
This fresh round of funding will drive product development, user acquisition, and long-term efforts to position PALM as the go-to savings partner across the Mediterranean.
A Smarter Way to Save
PALM is tackling a common problem: people want to save but lack tools that are engaging, accessible, and personalized. The app helps users save for goals like education, travel, healthcare, or major purchases, combining traditional investment tools with behavioral nudges that reward consistency.
- ✅ Goal-based saving made easy
- ✅ Curated investments in fixed income, equities, and precious metals
- ✅ Smart nudges to encourage saving habits
- ✅ Exclusive merchant deals to maximize value
- ✅ Embedded finance features for real-world use
The idea is simple yet powerful: integrate saving into daily life, reduce friction, and make every dirham go further.
Founders with Deep Industry Roots
PALM was co-founded by Mazen El Kerdany, a seasoned investment executive with a track record of managing over $2 billion in assets, and Ahmed Ashour, a finance and tech leader with experience at Amazon, Goldman Sachs, and various fintech ventures across the US, EMEA, and Egypt.
Together, they bring deep expertise in:
- ✅ Capital markets & wealth management
- ✅ Digital product development
- ✅ Financial inclusion & user-centric design
Their vision is rooted in making saving culturally relevant, accessible, and rewarding for all income levels.
Redefining the Saving Experience in Egypt
“Most Egyptians can save, they just don’t have the right tools,” says CEO Mazen El Kerdany. “We want to flip the outdated ‘earn, spend, save what’s left’ model into a smarter, proactive habit that’s driven by purpose and supported by technology.”
Egyptians currently hold:
- EGP 8 trillion in bank deposits
- EGP 7 trillion in gold
- EGP 70 trillion in real estate
Yet, access to diversified, return-generating financial tools remains limited, especially for younger and underserved segments. PALM fills that gap with a mobile-first, goal-oriented solution.
Backed by Global Belief
Peter Orth, Co-founder at 4DX Ventures, said:
“PALM is solving a real challenge, making saving easier, more rewarding, and culturally aligned. This fits our mission to support ventures driving long-term prosperity in Africa.”
Hasan Haider, Founder of Plus VC, added:
“PALM has the potential to become a financial companion for millions. The team understands what users need and is building for scale.”
What’s Next for PALM?
With new capital secured, PALM will focus on:
- ✅ Expanding use cases for saving goals
- ✅ Strengthening its partner ecosystem
- ✅ Accelerating user adoption across Egypt and the wider region
As co-founder Ahmed Ashour puts it:
“We’re not just offering a savings app, we’re launching a movement. One that makes saving fun, inclusive, and truly life-enhancing.”