Egyptian fintech MNT-Halan secures US$120m

MNT-Halan, the Cairo-headquartered fintech startup, has raised US$120 million in fresh capital. 

The neobank uses digital solutions to transform convention banking systems and cash-driven economies, and it intends to apply the latest fund product development and global market expansion.

MNT-Halan, through this funding round, has set a record, becoming the tech firm with the highest valued funding round. The round was co-led by Apis Growth Fund II, Development Partners International (DPI), and Lorax Capital Partners. 

Other investors who made commitments in this round include Disruptech and Middle East Venture Partners.

MNT-Halan is the combined unit formed from a merger/acquisition deal between two firms: MNT and Halan Inc. During the early months of 2021, MNT successfully finalized a share swap to assume control of fintech firm Halan Inc. to create MNT-Halan. 

In 2017, founder Mounir Nakhla launched Halan for the first time as a two- and three-wheeler ride-hailing app. Then Halan metamorphosed into a super app, with a diverse set of offerings., which eventually included a fintech product by 2018.

That fintech product is what has seen Halan now been reborn as MNT-Halan to serve unbanked and underbanked members of the population in Egypt.