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.
Egyptian Fintech, MNT Halan, Now Africa’s 9th Unicorn Valued at Over $1 Billion After $400 Million in Fundinghttps://t.co/BDqhWwlXM0#W3A #Web3 #Web3news #web3Africa #Web3community #Africa #Web30Africa #Egyptian #Fintech #MNTHalan #Africa #Funding
— web3africa.eth (@W3ATech) February 8, 2023
“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.
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