• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Egyptian fintech MNT-Halan lands $120M from Apis Partners, DisrupTech and others

September 8, 2021 by David Barret Leave a Comment

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

Traditional banks often overlook this segment because of their spending power or financial status and fintechs have seized the opportunity to cater to their needs. One of such fintechs is MNT-Halan and today, the company which describes itself as “Egypt’s leading fintech ecosystem,” is announcing that it has closed a $120 million investment.

The investors backing 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 the likes of GB Capital, DPI, Algebra Ventures, Wamda, Egypt Ventures, Shaka VC, Nowaisi Capital, Unidelta, Battery Road Digital Holdings that have backed the company in the past. 

In 2017, Mounir Nakhla and Ahmed Mohsen started Halan as a ride-hailing and delivery app offering two and three-wheeler services to customers in Egypt. Since then, it has provided other features like wallet, bill payment services, e-commerce with buy now, pay later (BNPL), micro and consumer loans in a bid to become a super app.

Then this year, Netherlands-based MNT Investments BV entered a share swap agreement with the Egyptian super app. The deal was made to accelerate the progress of Halan in payments and lending space, especially BNPL in Egypt and the MENA region. 

Before the merger, MNT acquired the shares of Raseedy, the first independent and interoperable digital wallet in Egypt licensed by its Central Bank to disburse, collect and transfer money digitally through mobile applications. Now, as MNT-Halan, it has also obtained the micro, consumer, and nano finance licenses to provide services to both businesses and consumers across Egypt.

The company has built a fintech ecosystem that connects consumers, merchants, and micro-enterprises via a digital platform and payment solutions.   

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

In its digital payments ecosystem, it provides services around loan disbursement and collection, peer-to-peer transfers, payroll disbursement, remittances, and bill payments. 

Then in mobility, MNT-Halan provides courier, delivery, and ride-hailing services.  

MNT-Halan claims to be Egypt’s largest and fastest-growing lender to the unbanked. Serving over 4 million customers in Egypt, of which 1 million are monthly active users, MNT-Halan has disbursed over $1.7 billion worth of loans to 1.8 million borrowers since inception. The company also adds that it processes $100 million monthly, growing 20x over the past five years. 

The investment is a mixture of private equity and venture capital money which will help the company improve its technology and product, while scaling to tens of million of customers in the MENA region. 

“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 CEO Nakhla.

Apis Growth Fund II is a London-based private equity fund makes quasi-equity investments in the financial sector and related market infrastructure — payment gateways, switches, and payment platforms — in Africa and Asia. MNT-Halan is the first landmark investment it is making in Egypt and the second on the continent after being part of TymeBank’s $109 million investment in February this year. 

The co-founders and managing partners Matteo Stefanel and Udayan Goyal, said this in a statement, “We are thrilled to be investing in MNT-Halan, which is our first investment in Egypt. Our belief is that they will be the leading player digitizing the unbanked and bringing financial services to millions of underserved customers in the country, and we look forward to partnering with them to extend their impressive growth trajectory. We believe Mounir Nakhla’s track record, combined with MNT-Halan’s tech team and operational expertise, provide the ideal opportunity to invest in Egypt’s fintech sector.” 

Prior to this news, Halan as an independent entity had raised $26.4 million according to Crunchbase. This investment of $120 million is one of the largest raised in Africa this year and continues to show the dominance of fintech on the continent.

Source Link Egyptian fintech MNT-Halan lands $120M from Apis Partners, DisrupTech and others

David Barret
David Barret

Related posts:

  1. Exclusive-Allianz under investigation in Germany over investment funds
  2. Turkey says working with Qatar, U.S. on operation of Kabul airport
  3. U.S. Congress stuck between a rock and a hard place on raising debt limit
  4. Soccer-Injury scare for Spurs as Son picks up knock on international duty

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Wellness Whales, A New Blood Type, And A DJ Set From Space
  • Hate Flying Ants? We Used To Have Ones The Size Of Hummingbirds
  • ‘Tis The Season To See Titan Cast A Shadow On Saturn – Especially If You Are In America
  • World’s Bravest Vets Put Full Metal Dental Crown On A Bear For The First Time
  • “Spider Rain”: The Bizarre Phenomenon That’ll Send Arachnophobes Into A Spin
  • Scientists Gave Mice A Human “Language Gene” And Something Curious Unfolded
  • Surveillance Of People Is More “Pervasive And Normalised” Than Previously Thought, Endangering Our Privacy
  • US Sees 90 Percent Drop In Heart Attack Deaths Over Last 50 Years
  • Is A Cat Poop Parasite Decapitating Human Sperm Contributing To Rising Infertility?
  • How Fast Were Dinosaurs? Guineafowl Races Reveal They Were Probably Slower Than We Thought
  • New Claim For World’s Oldest Rocks Dates Back A Whopping 4.16 Billion Years
  • Pre-Inca Temple Was A “Ritual Gateway” To Lost Civilization Of Tiwanaku
  • NASA Study Gave Illegal Drugs To Spiders And Watched What Happened To Their Webs
  • Space Selfies & DJing A Party From Orbit – How Astronaut Luca Parmitano Brought Space To Earth
  • Regardless Of Political Affiliation, Most US Adults Actually Support Vaccine Requirements For Kids
  • Now Is The Perfect Time To See The “Summer Triangle”
  • Can A Brain Be Preserved And Uploaded? Neuroscientist Survey Reveals “Surprising” 40 Percent Probability That Yes, It Could
  • You Could Be The First Ever Human To See A Specific Galaxy In This Incredible Space Video
  • First Pieces Of The Planet Mercury May Have Been Found On Earth After “Longstanding Mystery”
  • “Miracle” Bioplastic Reflects 99 Percent Of Sun’s Rays, Massively Reducing Building Energy Use
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version