20 March 2023
Apis Growth Fund II announces a partial exit of MNT-Halan
London, 1st February 2023 – Apis Growth Fund II (the “Fund”), a private equity fund managed by Apis Partners LLP (“Apis”), has entered into an agreement to sell part of its interest in MNT-Halan, Egypt’s leading fintech ecosystem, to Chimera Investments LLC (“Chimera”), a UAE-based investment firm.
Current investors of MNT-Halan include GB Capital, DPI, Algebra Ventures, Wamda, Nowaisi Capital, Unidelta, Egypt Ventures, Battery Road Digital Holdings, and Shaka VC. Chimera will acquire approximately 20% of MNT-Halan from existing investors. As part of this transaction, Apis will be selling down a third of the Fund’s stake; post-transaction, the Fund will still retain a 7% stake in the company.
Apis continues to execute on its strategy of returning capital quickly to its investors to optimise returns across various metrics, whilst maintaining long term value creation options in promising portfolio companies like MNT-Halan. The Fund continues to implement this strategy in the current market environment.
This investment round demonstrates confidence in the Egyptian fintech market and further institutionalises the investor base of MNT-Halan. It also underscores the strength of the Egyptian regulatory landscape that supports the growth of fintech businesses to increase and enhance the democratisation of financial services in the country.
MNT-Halan is Egypt’s largest and fastest growing lender to the unbanked and underbanked. Founded in 2018, it was created to substitute cash with electronic solutions in order to create efficiencies for its users. MNT-Halan has obtained the micro, consumer and nano finance licenses from the Financial Regulatory Authority enabling it to provide services to both businesses and consumers across Egypt. It has also obtained the first independent electronic wallet license from the Central Bank of Egypt to disburse, collect and transfer money digitally through mobile applications.
Since Apis’ investment, MNT-Halan continues its mission of democratising finance within a framework of world class ESG practices.
About Apis Partners
The Apis Group (“Apis”) is an ESGI-native global private equity and venture capital asset manager that supports growth-stage financial services and financial infrastructure businesses by providing them with catalytic growth equity capital. Collectively Apis, through its team of approximately 40 professionals with deep industry expertise, manages or advises on total committed capital from investors (including drawn and invested capital) of US$1.2 billion. Including its headquarters in London, Apis has representation in seven countries across Europe, North, East and West Africa, and South and Southeast Asia.
Apis is highly conscious of the developmental impact that the provision of growth capital for financial services and financial infrastructure businesses in growth markets can achieve, and as such, financial inclusion is a core tenet of Apis’ approach and investment mandate. Apis became a signatory to the United Nations-backed Principles for Responsible Investment (UNPRI) upon its inception of the firm in 2014. https://apis.pe/
Francesca Rossi | email@example.com | +44 (0)20 3653 0500