Fintech startup MNT-Halan adds new feature to its digital ecosystem

EGYPT – MNT-Halan, an Egyptian fintech startup, has added a buy-now-pay-later (BNPL) feature to its digital ecosystem, which also includes business lending, payments, consumer finance, bill payments, e-commerce, and delivery, backed by Neuron, the company’s proprietary technology.

Having begun life as a ride-hailing app for two- and three-wheeler vehicles back in 2018, MNT-Halan has morphed into a super app of sorts, and in the process become Egypt’s largest and fastest-growing lender to the unbanked.

The startup’s proprietary fintech ecosystem connects customers, vendors and micro-enterprises through its consumer facing app, merchant app, distributed lending and payment processing software, and payment solutions, as well as offering services such as ride-hailing and logistics.

The new service provides users with the tools needed to purchase, pay for and have delivered anything they want when they want it.

Merchants benefit from accelerated growth in their business and increased customer loyalty by offering payment flexibility, with customers able to use their credit limits both online and in stores.

Since its introduction three months ago, over 1,500 merchants have been onboarded through the Halan merchant app, more than 25,000 customers have transacted, and an additional 50,000 new customers are currently in the onboarding process.

“We are revolutionising the shopping experience in Egypt by delivering value and convenience to the consumer in one app,” said MNT-Halan CEO Mounir Nakhla.

“We are also growing our e-commerce platform and onboarding third party merchants to increase our digital offering. Our off-line merchant feedback has also been phenomenal. I am very happy to see that we are significantly growing the revenue streams of every merchant we have onboarded.”

In Septembmer last year, MNT-Halan announced a circa US$120 million investment from three private equity funds and a group of venture capitalists.

The investment was from Apis Growth Fund II, Development Partners International (DPI), and Lorax Capital Partners.

In addition, the company also attracted venture capital backing from Middle East Venture Partners, Endeavor Catalyst, and DisruptTech.

The round of investment demonstrated confidence in the fintech opportunity in Egypt and further institutionalizes the capitalization table of MNT-Halan.

Previous investors of MNT-Halan have included GB Capital, DPI, Algebra Ventures, Wamda, Nowaisi Capital, Unidelta, Egypt Ventures, Battery Road Digital Holdings, and Shaka VC.

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