Egyptian Fintech startup MNT-Halan secures $157.5 Million fund to fuel global expansion
Fintech startup MNT-Halan has secured $157.5 million in a recent funding round to expand its operations beyond Egypt.
Months after MNT-Halan announced its $400 million injection fund to become Egypt's first unicorn, the fintech startup has secured $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 joined by existing investors like the 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 digitises banking and substitutes traditional cash with electronic payment solutions offering services that include payments, lending, consumer finance and e-commerce.
In September of 2021, the company secured a $120 million fund from global investors to drive innovation in its product development and technology, helping it scale its reach to tens of millions of customers. In January 2023, the startup also secured a $400 million investment fund, bringing the company's total funding to $677.5 million over 2 years, with goals to expand its reach to wider markets.
A couple of months ago, it also acquired Advans Pakistan Microfinance Bank. This ongoing investment highlights unwavering confidence in the company's vision and operational execution.
Nakhla pointed out the company's strategic direction and regional aspirations, stating that while the focus remains on Egypt as the primary market, they plan to take their services across borders serving a wider range of individuals and businesses.
“While Egypt remains our primary 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 happy to have the IFC on board and to see the continued confidence from our current shareholders through their participation in this round.”
The company’s digital platform, the Halan app, has continually evolved, offering a comprehensive suite of services that includes various types of loans, pre-paid 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 more than 2.2 million quarterly subscribers and over 4.4 billion disbursed loans, MNT-Halan is establishing itself as a transformative tool in Egypt's finance sector.
