Egyptian financial and logistics super app MNT-Halan has secured US$120 million from private equity and venture capital investors, the company announced in a statement today.
The funding was raised from Apis Growth Fund II by Apis Partners, Development Partners International, through its African Development Partner III fund, and Lorax Capital Partners’ Lorax Fund II. They were joined by Middle East Venture Partners, Endeavor Catalyst, and DisruptTech.
This is Apis Partners’ maiden investment in Egypt.
The funding will help the company enhance its technology and product development, scale its business, and expand beyond Egypt.
The MNT-Halan super app provides a host of fintech solutions across business and consumer lending (such as nano loans, BNPL, and payroll lending), and digital payments. Its logistics vertical also provides delivery, ride-hailing and courier services.
MNT-Halan has 1 million monthly active users
The company was founded by Mounir Nakhla and Ahmed Mohsenas as Halan, a ride-hailing and delivery service. It eventually started offering fintech solutions. Then in June this year, it underwent a stock-for-stock merger with Dutch payments company MNT.
The company is cashing in on a growing fintech opportunity in Egypt, where problems with financial inclusion are driving innovation amongst its fintech startups.
MNT-Halan reaches about a million monthly active users, with a total of over 4 million customers in Egypt, the company said. Of these, 3.1 million are financial clients and 1.8 million are borrowers.
Moreover, over US$1.7 billion has been disbursed by MNT-Halan in loans. It has a monthly throughput of over US$100 million, reflecting a growth of over 20x in the past five years.
The 2017-founded company holds micro, consumer and nano finance licenses from the Egyptian Financial Regulatory Authority, and also holds the first independent e-wallet license from the Central Bank of Egypt, the company said.
Other backers of MNT-Halan include GB Capital, DPI, Algebra Ventures, Wamda, Nowaisi Capital, Unidelta, Egypt Ventures, Battery Road Digital Holdings, and Shaka VC.
“Since our partnership with Mounir and his team dating to 2018, MNT-Halan has rapidly evolved into a market-leading financial technology business, working to drive entrepreneurship and economic development in critically underserved markets.
The company is well-positioned to benefit from Egypt and the region’s favourable demographics and rising adoption of digital technologies in its next growth phase,”
Partner at Development Partners International Sofiane Lahmar said about the fundraise.
Featured image credit: MNT-Halan (L-R MNT-Halan CEO Mounir Nakhla and CTO Ahmed Mohsen)