Egypt’s MNT-Halan raises $157.5 million, plots regional expansion
MNT-Halan, an Egypt-based fintech, has raised $157.5 million in its latest funding round.
Egypt’s MNT-Halan plots regional expansion with $157.5m raise
$40 million came from the International Finance Corporation (IFC) and the rest was provided by Development Partners International (DPI), Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate and GB Corp.
The current round follows raises of $400 million in January 2023 and $120 million in September 2021.
MNT-Halan describes itself as “Egypt’s first unicorn” and says it is now “extremely well positioned to further expand regionally”. Pakistan is among its first international forays, due to the microfinance bank licence the fintech holds there.
The company’s founder and CEO, Mounir Nakhla, says the international expansion will be aided by both M&As and partnerships.
Founded in 2018 and based in Giza, MNT-Halan has developed a financial services mobile app that offers loans to consumers, micro and small businesses, pre-paid cards, payments, savings, e-wallets, e-commerce, gold and money market fund investments.
The fintech says it has 2.2 million quarterly active users, has disbursed over $4.4 billion in loans to three million borrowers, and serves seven million customers in Egypt.
It currently holds micro, consumer and nano finance licences from the Egyptian Financial Regulatory Authority as well as the first independent electronic wallet licence from the Central Bank of Egypt to disburse, collect and transfer money digitally through mobile apps.
