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Egypt’s multi-integrated FinTech ecosystem and debt solutions provider MNT-Halan has successfully raised a brilliant $120M in its latest funding round. The round was led by key international and regional investors including Apis Growth Fund II, Development Partners International (DPI), and Lorax Capital Partners. The round also recorded participation from Algebra Ventures, Middle East Venture Partners, Endeavor Catalyst, and DisruptTech.
Founded in 2018, MNT-Halan committed to bringing seamless financial services to the unbanked and underserved customers in Egypt and the surrounding region, by developing its scalable proprietary FinTech ecosystem, building integrated solutions to customers, vendors, and micro-enterprises including lending, BNPL, e-commerce, payments, and on-demand logistics.
2 months into Q3 and the FinTech sector is still thriving steadily to rank as one of the most funded ecosystems across MENA. As recorded in our latest August 2021 Venture Investment Dashboard, funding in FinTech observed a 134% YoY increase in MENA over the month of August. Driven by major deals including Tabby’s $50M and Sarwa’s $15M, both in Series B, FinTech is the second most funded industry in 2021.
With 1M monthly active users, MNT-Halan serves more than 4 million customers in Egypt, of which 3.1 million are financial clients and 1.8M are borrowers. Since its launch, the company has disbursed more than $1.7Bn of loans. DPI Partner Sofiane Lahmar said: “The company is well-positioned to benefit from Egypt and the region’s favorable 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.”
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, and expand cross-border. Commenting on the investment, Matteo Stefanel and Udayan Goyal, Managing Partners and Apis Partners Co-founders, said, “We are thrilled to be investing in MNT-Halan, which is our first investment in Egypt. Our belief is that they will be the leading player digitizing the unbanked and bringing financial services to millions of underserved customers in the country, and we look forward to partnering with them to extend their impressive growth trajectory. We believe Mounir Nakhla’s track record, combined with MNT-Halan’s tech team and operational expertise, provide the ideal opportunity to invest in Egypt’s fintech sector.”
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.
MNT-Halan Founder and CEO, Mounir Nakhla, concluded “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.”
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