Egyptian fintech MNT-Halan secures $ 120 million from Apis Partners, DisrupTech and others – TechCrunch


Over 70% of Egypt’s young and fast growing population of over 100 million people is financially underserved despite mobile penetration above 90%.

Traditional banks often overlook this segment because of their purchasing power or financial situation, and fintechs have seized the opportunity to meet their needs.

One such fintech is MNT-Halan, and today the company that describes itself as “Egypt’s premier fintech ecosystem” announces that it has closed a $ 120 million investment.

Investors who support MNT-Halan include private equity firms Apis Growth Fund II, Development Partners International (DPI) and Lorax Capital Partners; VCs like Venture Partners, Endeavor Catalyst and DisruptTech.

They join former local investors such as GB Capital, DPI, Algebra Ventures, Wamda, Egypt Ventures, Shaka VC, Nowaisi Capital, Unidelta, Battery Road Digital Holdings who have supported the company in the past.

In 2017, Mounir Nakhla and Ahmed Mohsen launched Halan as a ridesharing and delivery app offering two- and three-wheeler services to Egyptian customers. Since then it has provided other features including wallets, bill payment services, e-commerce with buy now, pay later (BNPL), micro, and consumer loans, all for the purpose to become a great app.

Then, in June of this year, Netherlands-based MNT Investments BV entered into a share swap deal with the Egyptian super app to accelerate the progress of its payments and lending arm, particularly at BNPL. in Egypt and the MENA region.

Prior to the merger, MNT acquired the shares of Raseedy, the first independent and interoperable digital wallet in Egypt authorized by its central bank to disburse, collect and transfer money digitally through mobile applications.

As MNT-Halan, she also obtained microfinance, consumer and nano-finance licenses to provide services to businesses and consumers across Egypt.

This has enabled the company to create a fintech ecosystem that connects consumers, merchants and micro-businesses through a digital platform and payment solutions.

As a business and consumer lender, MNT-Halan offers BNPL services, nano-loans, microfinance, SME loans, payday loans and light vehicle finance.

Its digital payments ecosystem provides services around loan disbursement and collection, peer-to-peer transfers, salary payments, remittances and bill payments.

Then, in mobility, MNT-Halan offers messaging, delivery and carpooling services.

MNT-Halan claims to be the largest and fastest growing Egyptian lender to the unbanked. Serving more than 4 million customers in Egypt, including 1 million monthly active users, MNT-Halan has disbursed more than $ 1.7 billion in loans to 1.8 million borrowers since its inception. The company also claims to process $ 100 million per month, which is 20 times more in the past five years.

The investment, a mix of private equity and venture capital, will help the company improve its technology and products while reaching out to clients in Egypt and abroad.

“We are at the forefront of the digital revolution sweeping through 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 the profit potential of this segment and promote greater participation in the economy, ”said CEO Nakhla.

One of its investors, Apis Growth Fund II, is a London-based private equity fund. It makes quasi-equity investments in the financial sector and related market infrastructures – payment gateways, switches and payment platforms – in Africa and Asia.

MNT-Halan is its historic first investment in Egypt, but the second on the continent after participating in TymeBank’s $ 109 million investment in February this year.

Co-Founders and Managing Partners Matteo Stefanel and Udayan Goyal said in a statement: “We are delighted to invest in MNT-Halan, which is our first investment in Egypt. Our belief is that they will be the first player to digitize the unbanked and deliver financial services to millions of underserved customers across the country.

“We look forward to partnering with them to expand their impressive growth trajectory and believe that Mounir Nakhla’s track record, combined with MNT-Halan’s technical team and operational expertise, provide the perfect investment opportunity. in the Egyptian fintech sector. ”

Prior to this news, Halan as an independent entity had raised $ 26.4 million, according to Crunchbase. This investment brings it to a combined total of $ 146.4 million, the latest of which is one of the largest raised in Africa this year and continues to prove the dominance of fintech on the continent.


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