Egyptian MNT-Halan secures $120M investment
From financial services to ride-hailing MNT Halan was launched in 2017 by Mounir Nakhla and Ahmed Mohsen. In the beginning it was a ride hailing and delivery app then it expanded to include digital wallets, ecommerce, BNPL (buy now pay later) services and micro loans.
And by focusing on its BNPL and lending services, the company was able to secure $120 million in financing.
It offers lending services to both consumers and businesses, it also offers P2P transfers, loan collection, payroll and bill payments. It also provides courier, delivery and ride hailing services, which makes it a super app.
It has 4 million customers in Egypt, 1 million active users and it became the fastest growing semi banking/lending to people who are not served by banks in Egypt.
The financing came from investors including Apis Growth Fund II, Lorax Capital, Development Partners and Venture Capitals like Middle East Venture Partners, Endeavor and DistrupTech.