More than 70% of Egypt’s young and fast-growing population of over 100 million is financially underserved, despite mobile penetration exceeding 90%.
Traditional banks often overlook this segment because of their spending power or financial status, and fintechs have seized the opportunity to cater to their needs.
One such fintech is MNT-Halan, and today, the company, which describes itself as “Egypt’s leading fintech ecosystem,” is announcing that it has closed a $120 million investment.
The investors backing MNT-Halan include private equity firms Apis Growth Fund II, Development Partners International (DPI) and Lorax Capital Partners, as well as VCs like Middle East Venture Partners, Endeavor Catalyst and DisruptTech. Continue reading