MNT-Halan, a banking platform based in Egypt, has collected $120m in a funding round to help its international growth.
The round was supported by Apis Growth Fund II, Development Partners International and Lorax Capital Partners. Other contributions came from Middle East Venture Partners, Endeavor Catalyst and DisruptTech.
With the funds, the FinTech company hopes to further the development of its product and technology as well as further its international growth. It also hopes to scale its services to reach tens of millions of customers.
MNT-Halan was built with the goal of helping underserved consumers in Egypt and the neighbouring region, with better access to financial services. Its mobile app provides users with a selection of lending, payroll, bill payment, remittance, P2P transfers and virtual card numbers and more.
The company has issued $1.7bn in loans and its monthly throughput exceeds $100m, an increase of 20-times over five years.
In a joint statement, Apis Partners co-founders Matteo Stefanel and Udayan Goyal, 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.”
Previous MNT-Halan investors include GB Capital, DPI, Algebra Ventures, Wamda, Nowaisi Capital, Unidelta, Egypt Ventures, Battery Road Digital Holdings and Shaka VC.
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