MNT-Halan, recognized as Egypt’s foremost FinTech unicorn, has achieved a major milestone by concluding a significant fundraising round, amassing $157.5 million. This strategic financing, led by the International Finance Corporation (IFC) and complemented by pivotal investments from Development Partners International (DPI), Lorax Capital Partners, Apis Partners LLP, Lunate, and GB Corp, underscores the company’s strong market positioning and ambitious expansion plans within the region.
Funding Details and Milestones
IFC contributed $40 million to the recent funding round, with the remaining $117.5 million sourced from both new and existing investors. This latest financing marks another substantial achievement for MNT-Halan, following an accumulative raise of $520 million over the past two years. Notably, the company recently solidified its position by acquiring the Advans Pakistan Microfinance Bank, showcasing its strategic and intentional growth initiatives and investments.
Vision and Ambitions
Mounir Nakhla, the founder and CEO of MNT-Halan, emphasized the company’s strategic trajectory and aspirations within the region, 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.”
Impressive Growth and Evolution
Since its establishment in 2018, MNT-Halan has experienced remarkable expansion, witnessing its customer base grow over 20-fold to encompass more than seven million users. The company’s digital platform, the Halan app, has continuously evolved, offering a comprehensive array of services including various types of loans, pre-paid cards, e-wallets, e-commerce, gold, and money market fund investments. Future updates are anticipated to introduce additional features, further solidifying MNT-Halan’s position as a frontrunner in financial technology.
Regional Impact and Future Prospects
With over 2.2 million quarterly active users and an impressive $4.4 billion in disbursed loans, MNT-Halan has firmly established itself as a transformative force within Egypt’s financial services landscape. The strategic investments secured by MNT-Halan are expected to accelerate its regional expansion and enrich its financial service offerings. The company’s innovative approach and strategic partnerships are poised to play a pivotal role in scaling its operations and venturing into new markets.