Fintech - September 8, 2021

Egypt’s MNT-Halan Secures $120M Funding to Serve the Unbanked (Breaks Record)

The largest single funding round by an Egypian tech startup

September 8, 2021

3 min read

MNT-Halan started out as a ride-hailing service for two- and three-wheeled vehicles in 2018, but has since evolved into a super app, becoming Egypt’s largest and fastest-growing lender to the unbanked.

Africa’s startup ecosystem, today, receives thrilling news as MNT-Halan secures $120 million funding from leading global and local growth investors to provide its service on a global scale. This is the largest single round by an Egyptian tech startup.

MNT-Halan’s proprietory software processes loans and payments for customers, vendors and small businesses via its customer and merchant facing apps. The ride-hailing part of the business is also active, offering services in transportation and logistics. Disrupt Africa cites that the company has disbursed over $1.7 billion of loans.

The MNT-Halan $120 million funding round was led by Apis Growth Fund II, Development Partners International (DPI), and Lorax Capital Partners led the investment, which also included Middle East Venture Partners, Endeavor Catalyst, and Disruptech.

“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 MNT-Halan founder and CEO Mounir Nakhla.

DPI partner Sofiane Lahmar cites the impressive growth of MNT-Halan into a leading financial technology business.

“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. 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 our focus on investing in high-growth, impact-driven companies from Africa’s fast-growing middle class”, he said.