Having started as an app for two and three-wheelers in 2018, MNT-Halan has morphed into a super app of sorts, and in the process has become the largest and fastest financial loan provider for unbanked customers.
The fintech connects customers, vendors and microenterprises through its consumer-facing app, loan and payment processing software, and payment solutions, as well as offering services such as ride-hailing and logistics.
With around one million monthly active users, MNT-Halan serves over four million customers in Egypt. The company has disbursed over $1.7 billion in loans, and is now targeting further growth and international expansion after raising $120 million in funding.
The investment, which is the largest round ever secured by an Egyptian startup, was led by Apis Growth Fund II, Development Partners International (DPI), and Lorax Capital Partners, and also features Middle East Venture Partners, Endeavor Catalyst, and Disruptech. MNT-Halan will use the funding to further develop its technology and advance into foreign markets.
“We are at the forefront of the digital revolution sweeping through Egypt, bringing the unbanked population together with our technology. We are on track to bring financial inclusion to tens of millions of Egyptians. As a result, we will unlock the earning potential of this segment and drive greater participation in the economy,” said MNT-Halan founder and chief executive officer (CEO) Mounir Nakhla.
DPI partner Sofiane Lahmar said MNT-Halan had rapidly evolved into a market-leading financial technology business.
“The company is well positioned to benefit from Egypt and the region’s favourable demographics and increasing adoption of digital technologies in its next phase of growth. Our ADP III investment in MNT-Halan reaffirms our belief in the management team, and our commitment to the company and its long-term growth prospects, as we continue to focus on investing in high-growth companies driven by the impact of Africa’s rapidly growing middle class,” he said.
