Egyptian fintech unicorn MNT-Halan gets $157.5m for global expansion
TLDR
- MNT-Halan secures $157.5 million in recent funding round led by IFC to expand operations beyond Egypt
- Funding round includes participation from existing investors Development Partners International, Lorax Capital Partners, and funds managed by Apis Partners LLP, Lunate, and GB Corp
- Founded in 2018 by Mountie Nakhla, MNT-Halan digitizes banking services, offers payments, lending, consumer finance, and e-commerce services
Months after announcing a $400 million funding injection to become Egypt's first unicorn, fintech startup MNT-Halan has secured an additional $157.5 million in a recent funding round to expand its operations beyond Egypt.
This funding round was led by the International Finance Corporation (IFC), which provided $40 million and included participation from existing investors such as Development Partners International and Lorax Capital Partners, along with funds managed by Apis Partners LLP, Lunate, and GB Corp.
Founded in 2018 by Mountie Nakhla, MNT-Halan digitizes banking services and replaces traditional cash transactions with electronic payment solutions. The company offers a range of services, including payments, lending, consumer finance, and e-commerce. This new development brings the startup’s total funding to $677.5 million over the past two years, supporting its expansion efforts.
Key Takeaways
MNT-Halan claims to have served over 5 million clients through its tech and data-driven solutions and disbursed over $2.5 billion in loans. Also, its e-commerce platform processes more than $50 million in monthly sales. In March 2024, MNT-Halan acquired Advans Pakistan microfinance bank, a subsidiary of the international microfinance Group Advans, which operates in Africa and Asia. This acquisition marked MNT-Halan's first expansion outside of Egypt, providing immediate scale with over 62,000 clients and 19 branches. In June 2022, MNT-Halan announced the acquisition of Talabeyah, a B2B eCommerce platform that offers FMCG supplies directly to small merchants and retailers, and soon to consumers, fulfilling all their requirements with next-day delivery.
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