Egyptian fintech startup MNT-Halan has secured a US$120 million investment by major global and regional growth investors to further develop its product and expand internationally.
Having begun life as a ride-hailing app for two- and three-wheeler vehicles back in 2018, MNT-Halan has morphed into a super app of sorts, and in the process become Egypt’s largest and fastest-growing lender to the unbanked.
The startup’s proprietary fintech ecosystem connects customers, vendors and micro-enterprises through its consumer facing app, merchant app, distributed lending and payment processing software, and payment solutions, as well as offering services such as ride-hailing and logistics.
With around one million monthly active users, MNT-Halan serves more than four million customers in Egypt. The company has disbursed more than US$1.7 billion of loans, and is now targeting further growth and overseas expansion after raising US$120 million in funding.
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. 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.
DPI partner Sofiane Lahmar said MNT-Halan had rapidly evolved into a market-leading financial technology business.
“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.