Egyptian fintech MNT-Halan attracts $120M from Global Investors

All Country Forums

Home Forums African Business Forum Business & Product Reviews Egyptian fintech MNT-Halan attracts $120M from Global Investors

  • Author
    Posts
    • AvatarEbigide Jude
      Member

      MNT-Halan, Egypt’s leading fintech ecosystem, announced today a circa US$120 million investment by major global and regional growth investors: Apis Growth Fund II, Development Partners International (DPI), and Lorax Capital Partners.

      In addition, the company has also attracted venture capital backing from Middle East Venture Partners, Endeavor Catalyst, and DisruptTech. This round of investment demonstrates confidence in the fintech opportunity in Egypt and further institutionalizes the capitalization table of MNT-Halan. Previous investors of MNT-Halan have included GB Capital, DPI, Algebra Ventures, Wamda, Nowaisi Capital, Unidelta, Egypt Ventures, Battery Road Digital Holdings, and Shaka VC.

      Capitalizing on MNT-Halan’s first mover advantage, proprietary and highly scalable tech capabilities and strong brand in Egypt, this funding endorses its strategy to drive further innovation in its technology, product development, scale to tens of millions of customers, and expand cross-border.

      The investment also recognizes the scale and long-term potential of MNT-Halan, which has been granted 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.

      Committed to bringing seamless financial services to the unbanked and underserved customers in Egypt and the surrounding region, MNT-Halan has developed its scalable proprietary fintech ecosystem in-house, connecting customers, vendors and micro-enterprises through its consumer facing app, merchant app, Halan Neuron (distributed lending and payment processing software) and payment solutions (wallets and cards).

      With c.1 million monthly active users, MNT-Halan serves more than 4 million customers in Egypt, of which 3.1 million are financial clients and 1.8 million are borrowers. The company has disbursed more than US$1.7 billion of loans. Its monthly throughput exceeds US$100 million which has grown over 20x in the past five years.

      Source: https://www.appsafrica.com

      +1
Add New Reply
  • You must be logged in to reply to this topic.
Skip to toolbar