Egyptian fintech MNT-Halan lands $120M from Apis Partners, DisrupTech and others

More than 70% of Egypt’s young and fast-growing population of over 100 million is financially underserved, despite mobile penetration exceeding 90%.

Traditional banks often overlook this segment because of their spending power or financial status, and fintechs have seized the opportunity to cater to their needs.

One such fintech is MNT-Halan, and today, the company, which describes itself as “Egypt’s leading fintech ecosystem,” is announcing that it has closed a $120 million investment.

The investors backing MNT-Halan include private equity firms Apis Growth Fund II, Development Partners International (DPI) and Lorax Capital Partners, as well as VCs like Middle East Venture Partners, Endeavor Catalyst and DisruptTech.

They join previous local investors like GB Capital, DPI, Algebra Ventures, Wamda, Egypt Ventures, Shaka VC, Nowaisi Capital, Unidelta and Battery Road Digital Holdings that have backed the company in the past. 

In 2017, Mounir Nakhla and Ahmed Mohsen started Halan as a ride-hailing and delivery app offering two and three-wheeler services to customers in Egypt. Since then, it has provided other features, including wallets, bill payment services, e-commerce with buy now, pay later (BNPL) and micro and consumer loans, all in a bid to become a super app.

Then in June of this year, Netherlands-based MNT Investments BV entered a share swap agreement with the Egyptian super app to accelerate the progress of its payments and lending arm, especially in BNPL across Egypt and the MENA region.