MNT-Halan, an Egyptian fintech startup, has secured a US$120m round from top regional and global growth investors. This is to further build its product and expand globally.
This is the largest single funding round that has ever been secured by an Egyptian fintech startup, and it will be used by MNT-Halan to further develop its technology and move into global markets.
The funding round was piloted by Development Partners International (DPI), Apis Growth Fund II, and Lorax Capital Partners, while also featuring Endeavor Catalyst, Middle East Venture Partners, and Disruptech.
Sofiane Lahmar, DPI partner, acknowledged that MNT-Halan had speedily transformed into a financial technology business that is leading in the market, highlighting that it has positioned itself for its next growth phase to benefit from Egypt and its rising adoption of digital technologies and favorable demographics.
She further said DPI is focused on investing in impact-driven and high-growth companies from the fast-growing middle class in Africa, adding that the ADP III investment in MNT-Halan by DPI, reiterates DPI’s belief in and commitment to MNT-Halan’s long-term growth prospects and the management.
Speaking on the company’s drive and feat, Mounir Nakhla, MNT-Halan Founder and Chief Executive Officer, said:
“We are at the forefront of the digital revolution sweeping across Egypt, bringing together the unbanked population with our technology.
We are on track to bring financial inclusion to tens of millions of Egyptians. As a result, we will unleash this segment’s earnings potential and drive greater participation in the economy.”
The fintech startup started out in 2018 as a ride-hailing app for two-wheeler and three-wheeler vehicles but later transformed into a multi-purpose app, thereby making it the largest and rapidly-growing lender to the unbanked in Egypt.
It digitizes traditional banking and cash-centered markets through data-driven solutions and technology.
Through its merchant app, consumer-facing app, payment processing software, distributed lending, and payment solutions, MNT-Halan’s exclusive fintech ecosystem connect vendors, micro-enterprises and customers. It also offers logistics and ride-hailing services.
With about one million monthly active users, It has about a million active users and currently serves more than four million customers in Egypt.
The fintech startup has disbursed billions in loans and is currently targeting further growth through global expansion after it raised US$120 million.
MNT-Halan’s services include:
- Business and consumer lending
- Digital payments
- Logistics
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