Fintech ecosystem MNT-Halan lands $120m funding
Egyptian fintech platform MNT-Halan has secured a $120 million investment from global and regional investors.
Apis Growth Fund II, Development Partners International (DPI), and Lorax Capital Partners participated in the round.
The company also attracted backing from VC firms Middle East Venture Partners, Endeavor Catalyst and DisruptTech.
MNT-Halan says the sizeable investment is an endorsement of its strategy to scale rapidly, innovate and expand into other countries.
The firm — which has around a million monthly active users — already has micro, consumer and nano finance licenses from the Egyptian Financial Regulatory Authority as well as the first independent electronic wallet license from the Central Bank of Egypt.
MNT-Halan connects customers, vendors and micro-enterprises through its consumer and merchant-facing apps, distributed lending and payment processing software, and payment solutions.
It says its digital solutions aid the more than 70% of Egypt’s fast-growing population that is financially under-served and overlooked by traditional financial institutions.
MNT-Halan Founder and CEO, Mounir Nakhla, says: “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.”