MNT-Halan, an Egyptian fintech venture that raised $120 million from Apis Partners, Development Partners International (DPI) and others last September, has acquired B2B e-commerce platform Talabeyah.
The deal adds a digital FMCG offering to MNT-Halan’s merchant network, the company said. It didn’t disclose the deal value.
Talabeyah offers FMCG supplies directly to small merchants. It was founded two years ago by Amr Abbas Saleh, Karim Nassef and Khaled Hussein to serve the FMCG market. It is serving more than 12,000 grocery shops and has recorded over $10 million of cumulative revenue since it started.
“Talabeyah has developed an elaborate online catalogue, signed contracts with the largest FMCG suppliers, and demonstrated solid execution of its operations. MNT-Halan will enable Talabeyah to scale nationwide by providing access to hundreds of thousands of merchants and retailers, financing their customers’ purchases and backing the firm with our 120 tech engineers,” said MNT-Halan CEO Mounir Nakhla.
VanCampen Liem, Maatouk, Bassiouny & Hennawy, White & Case, and Van Doorne were legal advisors on the transaction.
MNT-Halan says its digital solutions include lending, ‘buy now and pay later’ (BNPL), e-commerce, payments, and on-demand logistics. It serves over 1 million monthly active users and has over 4 million customers in Egypt, of which 3.1 million are financial clients and 1.8 million are borrowers.
Halan was co-founded by Mounir Nakhla, former IBM Egypt executive Ahmed Mohsen and former Careem executive Mohamed Aboulnaga. Nakhla is Halan’s CEO, Mohsen is CTO and Aboulnaga is chief commercial officer.
In June last year, MNT Investments, a financial services subsidiary of Egypt’s GB Auto backed by DPI, had said it was bringing super app Halan under its fold. MNT and Halan entered into a share-swap agreement, but didn’t share details of the transaction. This essentially meant that Halan shareholders received a stake in MNT.
Nakhla is a serial entrepreneur who founded Egyptian microfinance company Tasaheel in 2015. He also set up Mashroey, an asset-based microlender that focused on two- and three-wheelers, five years before.
Both Tasaheel and Mashorey were co-created with Ghabbour Auto (GB Auto) and are now housed under MNT. GB Auto owns a majority stake in MNT.
The Halan app offers ride-hailing, delivery, ecommerce and payments services all rolled into one. It started in 2017 with seed funding from Nakhla and GB Auto founder, and is currently operating in Egypt, Sudan and Ethiopia.