Tech in Africa
MNT-Halan the Egypt-based multi-integrated FinTech ecosystem and debt solutions provider has completed a successful $120M funding round led by key regional and international investors among them Development Partners International (DPI), Apis Growth Fund II, and Lorax Capital Partners. The round attracted further participation from Endeavor Catalyst, Middle East Venture Partners, and DisruptTech.
Founded in 2018, MNT-Halan brings seamless financial services to the underserved and unbanked across Egypt and the surrounding region. This is achieved through developing scalable proprietary fintech ecosystems, building integrated customer, vendor, and micro-enterprise solutions such as e-commerce, BNPL, payments, and on-demand logistics.
MNT-Halan serves 4 million customers across Egypt of whom 3.1 million are financial clients and 1.8 million are borrowers. Since its launch, the company has disbursed over $1.7Bn worth of loans. Sofiane Lahmar, a partner at DPI pointed out that the company is well poised to benefit from Egypt, the region’s favorable demographics, and the rise in adoption of digital technologies.
Matteo Stefanel and Udayan Goyal, Managing Partners and co-founders at Apis Partners pointed out that MNT-Halan was their “first investment in Egypt.” The duo also expressed confidence in “Mounir Nakhla’s track record”, and “MNT-Halan’s tech team and operational expertise.”
MNT-Halan has received a micro, consumer, and nano finance licenses from Egypt’s Financial Regulatory Authority not forgetting the first independent electronic wallet license from the Central Bank of Egypt – strong indications of the company’s ability to scale and long-term potential.
Our investment signals significant interest and commitment from global investors to the #fintech opportunity in #Egypt where 70% of people are financially under-served and mobile penetration is 90%@ulonnaya @mikebutcher @TechCrunch https://t.co/5gJxfcvuPH
— MNT (@MNT_Halan) September 8, 2021
Source: Magnitt
