FUNDING | Egyptian Fintech Unicorn, MNT-Halan, Raises a Further $157 Million After Achieving Over 20x Customer Growth

Egyptian fintech, MNT-Halan, has secured a new funding round of $157.4 million to further fuel its expansion plans.

According to reports, this latest capital injection featured contributions of $40 million from the International Finance Corporation (IFC), with the remaining funds supplied by:

• Development Partners International (DPI)
• Lorax Capital Partners,

and funds managed by:

• Apis Partners LLP
• Lunate, and
• GB Corp

The company, which achieved unicorn status in 2023 after attracting $400 million in the largest funding round in Egypt and the Middle East that year, has raised over $520 million over the last two years, with the company now poised for further expansion.

“While Egypt remains our primary market, we are committed to revolutionising access to financial services through technology beyond Egypt’s borders. Our M&A strategy capitalises on our technology and industry expertise while leveraging our partners’ local knowledge, management capabilities, and licences,” said Mounir Nakhla, Founder and CEO of MNT-Halan.

“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, prepaid cards, e-wallets, e-commerce, gold, and money market fund investments, with plans to introduce additional features soon.

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 $4.4 billion in loans.