MNT-Halan has formed with the goal of accelerating digital transition in the country’s lending and payments industry.
The Netherlands-based microlending company, MNT Investments BV, has entered a share swap agreement with Egyptian startup Halan, with the goal of accelerating the digital transition in the country’s lending and payments industry.
The Egyptian app operates as a digital wallet, offering bill payments services, e-commerce, as well as micro, nano, and consumer loans, such as buy now, pay later financing to support the unbanked in Egypt.
The announcement by the Dutch company did not disclose the terms of the transaction, though Halan Co-founder and CTO Ahmed Mohsen hinted at the direction by saying “as the momentum continues, we look further to expanding outside of Egypt.”
Mohsen also hailed the startup’s “exceptional growth” and an “infrastructure built to scale,” adding that “all the digital solutions are developed in-house, including the core banking system, consumer facing platforms, payment solutions, merchant application, and all the required integrations.”
The share swap agreement has subsequently created a new entity to operate under the name of MNT-Halan.