Fintech
Egyptian Fintech Startup MNT-Halan Raises $157.5M Fund to Fuel Global Expansion
Months after MNT-Halan announced Thanks to its $400 million injection fund to become Egypt’s first unicorn, the fintech startup has raised $157.5 million in a recent funding round to expand its operations beyond Egypt.
This round was led by the International Finance Corporation (IFC) and included existing investors Development Partners International and Lorax Capital Partners, with funds managed by Apis Partners LLP, Lunate and GB Corp.
Founded in 2018 by Mountie Nakhla, MNT-Halan digitizes banking services and replaces traditional cash with electronic payment solutions, offering services including payments, lending, consumer finance and e-commerce.
In September 2021, the company insured a $120 million fund from global investors to drive innovation in its product development and technology, helping it expand its reach to tens of millions of customers. In January 2023, the startup also insured a $400 million investment fund, bringing the company’s total funding to $677.5 million in 2 years, with the aim of expanding its reach into broader markets.
A couple of months ago, too acquired Advans Pakistan Microfinance Bank. This ongoing investment demonstrates unwavering confidence in the company’s vision and operational execution.
Nakhla highlighted the company’s strategic focus and regional aspirations, saying that while the focus remains on Egypt as the primary market, the company plans to take its services beyond the border, serving a wider range of individuals and businesses.
“While Egypt remains our core market, we are committed to revolutionizing access to financial services through technology beyond Egypt’s borders,” Nakhla said. “Our M&A strategy capitalizes on our technology and industry expertise, while leveraging our partners’ local knowledge, management capabilities and licenses. We are delighted to have IFC on board and to see the continued confidence of our existing shareholders through their participation in this round.”
The company’s digital platform, the Halan app, has continuously evolved, offering a full suite of services including various types of loans, prepaid cards, e-wallets, e-commerce, gold, and money market fund investments. Future updates promise to introduce additional features, further solidifying MNT-Halan’s position as a leader in financial technology.
With over 2.2 million quarterly subscribers and over 4.4 billion in loans disbursed, MNT-Halan is establishing itself as a transformative tool in the Egyptian financial sector.