The tech startup world is no stranger to success stories, but few are as inspiring as the transformation of MNT-Halan. What began as a ride-hailing app in Egypt has evolved into a fintech powerhouse, revolutionizing financial services for millions of underserved individuals.
The Ride-Hailing Beginnings:
MNT-Halan’s journey took flight in 2017 when two visionary entrepreneurs, Ahmed Mohsen, and Mounir Nakhla, founded Halan with a mission to address transportation challenges in Egypt. Embracing technology, the platform offered affordable two and three-wheeler vehicle rides, catering to the needs of millions who faced limited transportation options.
From the outset, Halan’s user-friendly app, budget-friendly rides, and commitment to empowering informal sector drivers propelled it to rapid success. The platform quickly gained popularity across major Egyptian cities, providing a much-needed solution for navigating congested urban areas. However, the founders saw the potential for greater impact beyond the realm of transportation.
Diversification into Fintech:
Recognizing the pressing need for inclusive financial services in Egypt, MNT-Halan set out on an ambitious journey to diversify its offerings and venture into the fintech space. Capitalizing on the wealth of data collected from its ride-hailing operations, the company identified an opportunity to provide financial services to underserved communities, particularly those in the informal economy.
In a significant step towards its fintech aspirations, in 2021, the company underwent a rebranding exercise following a share swap deal with Dutch microlender MNT Investments BV, officially becoming MNT-Halan and entering the fintech ecosystem with global ambitions. The newly formed MNT-Halan made waves in the industry with its innovative solutions and rapid growth in mobile payments and financial services for the underbanked.
Growth and Funding:
Having commenced as a ride-hailing app for two and three-wheeler vehicles in 2018, MNT-Halan has since transformed into a comprehensive super app, becoming Egypt’s largest and fastest-growing lender to the unbanked. The company’s proprietary fintech ecosystem connects consumers, vendors, and micro-enterprises through its consumer-facing app, merchant app, distributed lending and payment processing software, and payment solutions, in addition to offering services like ride-hailing and logistics.
MNT-Halan’s growth was further accelerated by significant funding rounds. In September 2021, the company secured a staggering US$120 million investment from major global and regional growth investors. In February 2023, the Egyptian fintech and e-commerce company secured over $400 million in equity and debt financing from local and global investors. Chimera, an Abu Dhabi investment company invested more than $200 million in equity in exchange for over 20% of the company.
In February 2023, MNT-Halan’s valuation was reported to exceed $1 billion—becoming Egypt’s latest unicorn, after Fawry.
Future Plans and Global Aspirations:
As a fintech powerhouse, MNT-Halan is not content with resting on its laurels. MNT-Halan plans to expand internationally after its growth in Egypt and progress on the swap agreement between Halan and Netherlands-based microlending platform MNT Investments.
In conclusion, the evolution of MNT-Halan from a ride-hailing app to a fintech powerhouse is a testament to the power of vision, adaptation, and innovation. From its origins as a ride-hailing platform in Egypt to its current status as a transformative fintech player, MNT-Halan has proven its potential to reshape the financial services landscape for the better. With a relentless focus on financial inclusion and ambitious global aspirations, MNT-Halan’s journey is an inspiring example of how technology can be harnessed to drive meaningful change and create a brighter, more inclusive future for millions.
