September 9, 2021

MTN-Halan closes largest fintech round worth $120M


ArabFinance: MNT-Halan, Egypt’s leading fintech ecosystem, announced today a circa US$120 million investment by major global and regional growth investors, the company said in a recent statement.

The group of investors included financial services, focused PE house Apis, the UK’s 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.

White & Case, Freshfields, Lexence, and Mattouk Bassiouny & Hennawy served as legal advisors on the transaction.

The funds will be used to help the company roll out new products, sharply grow its user base, and expand into new markets outside of Egypt.

This funding also endorses the company’s 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.

The company is committed to bringing seamless financial services to the unbanked and underserved customers in Egypt and the surrounding region.

MNT-Halan currently has 1 million monthly active users and serves over 4 mn clients, 1.8 mn of whom are borrowers.

The company has disbursed more than $1.7 billion worth of loans and has a monthly throughput of $100 million.

MNT-Halan’s digital solutions, including lending, BNPL, e-commerce, payments, and on-demand logistics, support its mission to empower underserved communities, address inequality and female economic participation.

arabfinance


Categories : telecom

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