MNT-HALAN, a fintech startup that digitizes traditional banking and cash-based marketplaces, has raised $120 million to strengthen its services and expand internationally.
Apis Growth Fund II, Development Partners International (DPI), and Lorax Capital Partners spearheaded the financing round, which is the largest ever for an Egyptian software business. The round was also attended by Middle East Venture Partners, Endeavor Catalyst, and Disruptech.
MNT-Halan founded in Egypt, has over four million Egyptian customers and has disbursed over $1.7 billion in loans.
According to Sofiane Lahmar, a partner at London-based Development Partners International (DPI), whose African Development Partners III fund is one of the investors, the investment was concluded last month.
According to MNT-Halan CEO Mounir Nakhla, MNT-Halan was Egypt’s first private non-bank company to be granted a central bank license to operate a digital wallet, a mobile app that allows consumers, vendors, lenders, and borrowers to transfer money, pay bills, buy goods on installments, and secure loans.
“It’s a digitally empowered company that’s literally digitizing the unbanked and bringing financial services to the unserved,” said Matteo Stefanel, managing partner of Apis Partners, whose Apis Growth Fund II is also a lead investor.
MNT completed a share exchange this year to acquire fintech company Halan Inc, forming MNT-Halan, according to Nakhla, a co-founder of both companies.