MNT-Halan, an Egyptian fintech startup has secured a US$120 million investment from major global and regional growth investors in order to expand internationally and further develop its product.
MNT-Halan is the product of a merger and acquisition between MNT and Halan Inc. MNT completed a share swap earlier this year to acquire fintech company Halan Inc., forming MNT-Halan.
Halan was founded in 2017 by Mounir Nakhla, an Egyptian businessman and serial tech startup founder, as a two- and three-wheeler ride-hailing app; later, Halan evolved into a super app that provided a broader range of services to its users. In 2018, it introduced MNT-Halan, a fintech product that provides banking services to the unbanked in Egypt and neighboring countries. MNT-Halan has since risen to become Egypt’s fastest-growing fintech company.
Through its consumer facing app, merchant app, distributed lending and payment processing software, and payment solutions, the startup’s proprietary fintech ecosystem connects customers, vendors, and micro-enterprises, as well as offering services like ride-hailing and logistics.
MNT-Halan serves more than four million customers in Egypt, with around one million monthly active users. After raising US$120 million in funding, the company has disbursed more than US$1.7 billion in loans and is now focusing on further growth and international expansion.
The investment which is the largest single round ever secured by an Egyptian tech startup, was led by Apis Growth Fund II, Development Partners International (DPI), and Lorax Capital Partners, and also features Middle East Venture Partners, Endeavor Catalyst, and Disruptech. MNT-Halan will use the funding to further develop its technology and move into overseas markets.
“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.” MTN-Halan’s CEO Mounir Nakhla said, “As a result, we will unleash this segment’s earnings potential and drive greater participation in the economy.”
Speaking on their investment in MNT-Halen, DPI partner Sofiane Lahmar said the company is well-positioned to benefit from Egypt and the region’s favourable demographics and rising adoption of digital technologies in its next growth phase.
“Our ADP III investment in MNT-Halan reaffirms our belief in the management team, and our commitment to the company and its long-term growth prospects, as we continue our focus on investing in high-growth, impact-driven companies from Africa’s fast-growing middle class,” Lahmar concluded.