Home » Egyptian fintech MNT-Halan raised $120M co-led by DPI & Apis Growth Fund

Egyptian fintech MNT-Halan raised $120M co-led by DPI & Apis Growth Fund

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Egypt has a fast-growing and young citizen base of 100 million+ which is underserved from a financial perspective. On account of sheer purchasing powers and financial locus standi, conventional banks sometimes end up neglecting this segment, leading to fintech taking up the opportunity for catering to available demand.

MNT-Halan is a new-age fintech in this mould. It has now got $120 million in funding as one of the leading fintech platforms and networks across Egypt. Leading investors included Development Partners International or DPI, along with Apis Growth Fund II, Endeavor Catalyst, Middle East Venture Partners, and DisruptTech, to name a few.

Earlier investors include Algebra Ventures, GB Capital, Egypt Ventures, DPI, Wamda, Nowaisi Capital, Shaka VC, Battery Road Digital Holdings, and Unidelta. Halan was founded by Mounir Nakhla and his partner Ahmed Mohsen in 2017. It was delivery and ride-hailing application for three and two-wheelers in Egypt. However, it took the super-app route, becoming a solution for paying bills, digital wallets, BNPL (buy now and pay later), consumer and micro-loans, and even e-commerce.

MNT Investments BV inked a share-swap deal with the app. This led to an acceleration in its lending and payments division, especially in the BNPL category across the MENA zone and Egypt. MNT earlier picked up shares of Egypt’s very first universal and independent Digi-wallet with the Central Bank of Egypt authorization, Raseedy. This got legal approvals for the collection, disbursal, and transfer of funds through mobile apps. It also picked up the nano, consumer, and micro licenses under this trade name.

The company has been successful in building a fintech space that connects micro-entities, retailers, and consumers through digital portals and options for payments. It offers nano and micro-loans, along with BNPL, payroll and SME-lending, light-vehicle financing, and more. It also offers delivery and courier solutions for its mobility customers. The company is the country’s biggest lending solution for those who are unbanked. It has already sanctioned loans exceeding 1.7 billion to 1.8 million users since its establishment. It has 4 million Egyptian customers, with 1 million of them as active consumers. The company also processes at least $100 million each month, indicating 20X growth over the last five years.