MNT-Halan has disbursed over $1.7bn in loans. Credit: pasja1000 from Pixabay.

MNT-Halan, a microfinance lending company in Egypt, has raised approximately $120m from three private equity firms and a group of venture capital firms.

The private equity firms backing MNT-Halan include Apis Growth Fund II, Development Partners International (DPI), and Lorax Capital Partners.

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The round was also joined by venture capital firms Middle East Venture Partners, Endeavor Catalyst, and DisruptTech.

MNT-Halan’s existing investors GB Capital, DPI, Algebra Ventures, Wamda, Nowaisi Capital, Unidelta, Egypt Ventures, Battery Road Digital Holdings, and Shaka VC also participated in the latest funding round.

The fintech intends to use the money for product development, technological advancement, reaching more customers and expanding cross-border operations.

The company’s fintech ecosystem connects consumers, vendors and micro-enterprises through consumer-facing and merchant app and Halan Neuron.

It has been granted micro, consumer, and nano finance licenses from the Egyptian Financial Regulatory Authority along with an independent electronic wallet license from the Central Bank of Egypt.

Apis Partners co-founders and managing partners Stefanel and Udayan Goyal said: “We are thrilled to be investing in MNT-Halan, which is our first investment in Egypt.

“Our belief is that they will be the leading player digitizing the unbanked and bringing financial services to millions of underserved customers in the country, and we look forward to partnering with them to extend their impressive growth trajectory.”

DPI partner Sofiane Lahmar said: “The company is well-positioned to benefit from Egypt and the region’s favourable demographics and rising adoption of digital technologies in its next growth phase.”

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