Egyptian fintech startup MNT-Halan acquired business-to-business (B2B) e-commerce platform Talabeyah for an undisclosed amount as part of the company’s broader strategy to expand its portfolio and build a “comprehensive digital ecosystem.”
MNT-Halan, whose digital ecosystem includes small business and consumer lending, payments, and e-commerce, said in a statement Friday that adding a digital FMCG offering to the company’s merchant network will enhance its “breadth and scope and increases stickiness to its ecosystem.”
Founded in 2018, Cairo-based MNT-Halan claims to be Egypt’s largest and fastest-growing lender to the unbanked. With one million monthly active users, the company serves over four million customers in the North African country, of which 3.1 million are financial clients and 1.8 million are borrowers.
The fintech firm, which counts private equity firms Apis Growth Fund II and Development Partners International as well as venture capitals including Middle East Venture Partners and Endeavor Catalyst among its backers, raised $120 million in September 2021.
“The acquisition of Talabeyah is another step in our strategy of building a comprehensive digital ecosystem and is a perfect fit for our two companies,” Mounir Nakhla, MNT-Halan CEO said in a statement.
Startup data platform MAGNiTT said that the MENA region has been scaling to new heights in terms of funding and companies recording fruitful exits. The region recorded 16 exits in the first quarter of the year, almost half of the total number of exits recorded in 2021.
Dubai-based Careem also announced on Friday that it had acquired MUNCH:ON, the UAE-based subscription-based food delivery platform.
