MNT-Halan, an Egyptian FinTech landscape and the country’s first unicorn, has recently completed a significant funding round, securing $157.5m.
This latest capital injection featured contributions of $40m from the International Finance Corporation (IFC), with the remaining funds supplied by Development Partners International (DPI), Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate, and GB Corp. This round follows previous raises totalling $520m over the last two years, underscoring MNT-Halan’s robust position for regional expansion.
Mounir Nakhla, founder and CEO of MNT-Halan, emphasized the strategic direction of the company, stating, “While Egypt remains our primary market, we are committed to revolutionizing access to financial services through technology beyond Egypt’s borders. Our M&A strategy capitalizes on our technology and industry expertise while leveraging our partners’ local knowledge, management capabilities, and licenses. We are happy to have the IFC on board and to see the continued confidence from our current shareholders through their participation in this round.”
Since its inception, MNT-Halan has witnessed substantial growth, expanding its customer base over 20-fold to serve more than seven million users. Its digital platform, the Halan app, continues to evolve, now offering a wide array of services including various types of loans, pre-paid cards, e-wallets, e-commerce, gold, and money market fund investments, with plans to introduce additional features soon.
The transaction’s legal aspects were handled by Maatouk Bassiouny & Hennawy and Van Campen Liem for MNT-Halan, while Hogan Lovells, Freshfields, and Gibson Dunn advised the subscribers. Arqaam Capital provided financial advice to GB Corp.
Founded in 2018, MNT-Halan has quickly become a pivotal force in transforming financial services through technology in Egypt. With more than 2.2 million quarterly active users, the company has disbursed over $4.4bn in loans.
