(Ecofin Agency) - Nine months after raising US$120 million to strengthen its operations in Egypt, microfinance and digital payments solutions provider MNT-Halan is acquiring an online consumer goods company.
Egyptian fintech MNT-Halan announced Wednesday (June 22), the acquisition of Talabeyah, a shopping platform that offers access to a wide range of consumer goods.
The terms of the transaction were not disclosed but, the addition of e-retailer Talabeyah to MNT-Halan's merchant network is expected to enhance the company's reach and scope in its domestic market.
“The acquisition of Talabeyah is another step in our strategy of building a comprehensive digital ecosystem and is a perfect fit for our two companies. Talabeyah has developed an elaborate online catalog, signed contracts with the largest FMCG suppliers, and demonstrated solid execution of its operations,” said MNT-Halan CEO Mounir Nakhla.
“I am excited to partner with [Talabeyah] to continue to extend our product offering to Egyptian retailers and further grow our loan book and margins,” he added.
The acquisition comes nine months after MNT-Halan raised US$120 million to expand its operations and strengthen its presence in the Egyptian market. With approximately 1 million monthly active users, MNT-Halan (founded in 2018) serves over 4 million customers in Egypt.