Global investors led $120 M funding raised by Egyptian fintech startup MNT-Halan
MNT-Halan began as a two- and three-wheeler ride-hailing service in 2018, and has since grown to become Egypt’s largest and fastest-growing unbanked lender.
Through its consumer-facing app, merchant app, distributed lending, and payment processing software, and payment solutions, the startup’s unique financial ecosystem links customers, vendors, and micro-enterprises, as well as providing ride-hailing and logistical services.
MNT-Halan provides over four million subscribers in Egypt, with about one million monthly active users. After collecting US$120 million in investment, the firm has disbursed more than US$1.7 billion in loans and is currently focusing on future development and international expansion.
Apis Growth Fund II, Development Partners International (DPI), and Lorax Capital Partners led the investment, which also included Middle East Venture Partners, Endeavor Catalyst, and Disruptech. MNT-Halan plans to utilize the funds to advance its technology and expand into other areas.
“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,” said MNT-Halan founder and chief executive officer (CEO) Mounir Nakhla.
MNT-Halan had quickly developed into a market-leading financial technology company, according to DPI partner Sofiane Lahmar.
“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,” he said.
