Notable in Egypt’s FinTech scene, MNT-Halan closed a big funding round a few months ago, raising $157.5 million in total.
The International Finance Corporation (IFC) contributed $40 million of this most recent capital infusion; the remaining funds were provided by Development Partners International (DPI), Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate, and GB Corp. The fact that this round of funding comes after two years of $520 million in raises highlights MNT-Halan’s strong position for regional growth.
Mounir Nakhla, founder and CEO of MNT-Halan, emphasised the strategic direction of the company, stating, “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. 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.”
MNT-Halan has experienced significant growth since its founding, serving over seven million users by more than doubling its customer base. The Halan app, the company’s digital platform, is still developing and currently provides a large range of services, such as e-wallets, prepaid cards, e-commerce, gold, and money market fund investments. More features will be added soon.
Maatouk Bassiouny & Hennawy and Van Campen Liem handled the transaction’s legal aspects on behalf of MNT-Halan, and Hogan Lovells, Freshfields, and Gibson Dunn provided the subscribers with advice. GB Corp. received financial advice from Arqaam Capital.
MNT-Halan was established in 2018 and has since grown to play a significant role in Egypt’s technological transformation of the financial services industry. The company has disbursed over $4.4 billion in loans, with over 2.2 million active users on a quarterly basis.
