(Ecofin Agency) - Fintech MNT-Halan, which provides digital payment solutions and microcredit to Egypt's unbanked population, has secured a $120 million investment. The resources will help strengthen the company’s technology, develop new financial products, and expand business in Egypt.
The funding was raised from a group of investors led by Apis Growth Fund II, which is a vehicle managed by the London-based private equity firm Apis Partners. With this operation, Apis Growth Fund II made its first commitment in Egypt. Another London fund -African Development Partners III- which is advised by the private equity firm Development Partners International (DPI), also participated in the fundraising. Lorax Capital Partners also backed the operation.
MNT-Halan intends to leverage Egypt's strong demographics and the increasing adoption of digital technologies in the country to support its growth. "We are on track to bring financial inclusion to tens of millions of Egyptians," commented Mounir Nakhla, founder and CEO of MNT-Halan.
The fundraising comes a few months after the fintech, founded in 2018, obtained a micro and nano financing license to provide payment solutions via mobile. With about 1 million monthly active users, MNT-Halan serves more than 4 million customers in Egypt. The company claims to have disbursed over $1.7 billion in loans to its customers to date.