Egypt-based multi-integrated fintech company MNT-Halan has successfully completed a $120 million funding round and they will use these funds to drive further expansion and innovation in the market, according to media reports.
The funding round was attended by investors from private equity firms like Apis Growth Fund II, Development Partners International (DPI), and Lorax Capital Partners. Additionally, the company has also attracted venture capital backing from Middle East Venture Partners, Endeavor Catalyst, and DisruptTech.
Previous investors in MNT-Halan include Wamda, GB Capital, DPI, Algebra Ventures, Nowaisi Capital, Unidelta, Egypt Ventures, Battery Road Digital Holdings, and Shaka VC.
The company was founded in 2017 by Mounir Nakhla and Ahmed Mohsen where they started Halan as a ride-hailing and delivery app offering two and three-wheeler services to customers in Egypt. The company also provides other features like wallets, bill payment services, e-commerce with buy now, pay later (BNPL) and micro and consumer loans in an effort to become a superapp.
The company claims to be Egypt’s largest and fastest-growing lender to the unbanked. MNT-Halan serves over 4 million customers in Egypt, out of which 1 million are active users. MNT-Halan has disbursed over $1.7 billion worth of loans to 1.8 million borrowers since 2017. The company also claims to process $100 million monthly, growing 20x over the past five years.
Mounir Nakhla, CEO of MNT-Halan told the media, “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.”