PALM, a Cairo-based fintech startup focused on incentivized savings, has raised a seven-figure pre-seed funding round to tackle what it sees as a fundamental gap in how Egyptians manage their money. The round was led by pan-African venture firm 4DX Ventures, with participation from Plus VC and several international angel investors.

Founded in 2023 by Mazen El Kerdany and Ahmed Ashour, PALM offers a goal-based savings platform that blends investment tools with behavioural nudges, aiming to help users turn short- and long-term goals — such as education, healthcare, marriage, and major purchases — into achievable outcomes. The app rewards users for consistency, offering investment returns and access to exclusive deals from a growing merchant network.

The concept taps into a persistent issue in Egypt: while saving isn’t uncommon — Egyptians collectively hold trillions of pounds in bank deposits, real estate, and gold — the tools for goal-oriented, diversified saving are limited and often inaccessible due to high minimums and fees. PALM positions itself as a low-barrier alternative that embeds financial planning into everyday spending.

“The challenge isn’t the ability to save, but rather the lack of tools that align with people’s real-life goals,” said El Kerdany, who previously held senior investment roles at EFG Hermes and Beltone Financial. “The old formula — earn, spend, save what’s left — no longer works.”

PALM’s model combines fixed income, equities, and precious metals into custom allocations based on user preferences, offering what it describes as a simplified, retail-focused version of wealth management. It also integrates consumer discounts into the savings process, helping reduce out-of-pocket costs for big-ticket purchases.

With the new capital, the company plans to accelerate user acquisition, expand its merchant network, and deepen product capabilities. Long-term, PALM wants to become a trusted financial companion for Egyptians navigating key life milestones — and eventually expand to other markets around the Mediterranean.

The raise comes as investor interest in financial wellness products is picking up across North Africa and the wider continent. 4DX Ventures, which has backed companies including Wasoko and MaxAB, sees PALM as a category-defining player.

“PALM is building infrastructure for long-term financial health by rewarding good habits and delivering real value,” said Peter Orth, co-founder of 4DX Ventures. “It’s a compelling vision, backed by a team with deep domain expertise.”

Ahmed Ashour, a former Amazon and Goldman Sachs executive, adds that PALM aims to make saving culturally relevant — particularly to younger, digital-native Egyptians. “We’re building a savings product that aligns with users’ values and lifestyles, regardless of income level,” he said.

The startup enters a market where traditional banks still dominate retail finance and wealth products remain largely geared toward high-net-worth individuals. But a growing number of Egyptian fintechs — spanning payments, credit, and now personal finance — are targeting younger consumers underserved by legacy institutions.

In the near term, PALM will focus on refining its savings experience and integrating more real-world rewards. In the longer term, the team is betting that embedding investing into day-to-day financial choices can shift consumer behaviour — and potentially unlock a more inclusive form of capital markets participation.