Egyptian FinTech MNT-Halan raises $120m

MNT-Halan has raised more than $120 million in funding from global and regional investors.

The Egypt-based FinTech said it would spend the money on driving further innovation in its technology, product development, scaling to tens of millions of customers, and expanding to cross-border.

The company, which describes itself as “Egypt’s leading FinTech ecosystem,” aims to bring financial services to the unbanked and underserved customers in Egypt and its surrounding regions.

According to the business, over 70 per cent of the population of Egypt’s young and fast-growing population of over 100 million is financially underserved and “overlooked by traditional financial institutions,” while mobile penetration exceeds 90 per cent.

MNT-Halan currently holds consumer and nano finance licenses from the Egyptian Financial Regulatory Authority.

It has also received the first independent electronic wallet license from the Central Bank of Egypt, said the company.

MNT-Halan has developed its scalable proprietary FinTech ecosystem in-house, connecting customers, vendors and micro-enterprises through its consumer facing app, merchant app, Halan Neuron - distributed lending and payment processing software - and payment solutions, which include wallets and cards.

“We are at the forefront of the digital revolution sweeping across Egypt, bringing together the unbanked population with our technology,” said Mounir Nakhla, MNT-Halan founder and chief executive. “We are on track to bring financial inclusion to tens of millions of Egyptians.

"As a result, we will unleash this segment’s earnings potential and drive greater participation in the economy.”

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