MNT-Halan raises $130 million securitisation to digitally bank the unbanked

📊 Here’s MNT-Halan! The Egyptian fintech unicorn specialising in mobile payments and financial services for underbanked communities.

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And, they just raised $130 million in funding through a securitisation deal.

• Co-founded by Mounir Nakhla and Ahmed Mohsen in 2018, the start-up has disbursed $2.5 billion in loans to date.

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💰Investor low-down: The securitisation was done through local investment bank CI Capital.

• The start-up has raised over US$400 million so far this year, with $200 million coming from Abu Dhabi–based Chimera Investments

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📱The unbanked

More than 70% of Egypt’s young and fast-growing population of over 100 million is financially underserved.

Bizarre, especially considering mobile penetration exceeds 90%.

Traditional banks frequently sideline this demographic due to their perceived lower spending power or financial status.

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🚀 Not on MNT-Halan’s watch

Initially started as a ride-hailing and delivery app (its since shut down its ride-hailing operations), MNT-Halan has developed into a super-app with various payment solutions for businesses and consumers across Egypt.

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💼👥 As a business and consumer lender, its offerings include nano and microfinance, BNPL options, SME lending, payroll advances, and light-vehicle financing.

📲 Its digital payments ecosystem provides seamless loan handling, quick money transfers, virtual cards for shopping, bill payment services, ATM access, and salary advances through its digital wallet.

• On average, businesses secure loans around $1,000, incurring a 25% annual interest rate on the platform.

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Due to the company’s focus on commerce and lending, it decided to shut down its ride-hailing operations.

• Boasting over 1.5 million active users quarterly, MNT-Halan has served over seven million customers across Egypt.

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🔮 Flashforward

The company plans to securitise a total $550 million by the end of December, and will look to continue launching new digital financial products in Egypt and beyond.