MNT-Halan, Egypt's premier fintech unicorn, has raised $157.5 million in a new funding round, marking a significant milestone in its journey to revolutionize financial services across the Middle East and North Africa (MENA) region.

Funding Details

The International Finance Corporation (IFC) led the investment with a $40 million contribution. The remaining funds came from a consortium of investors, including Development Partners International (DPI), Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate, and GB Corp. This latest round builds upon MNT-Halan's impressive fundraising history, bringing its total capital raised over the past two years to $677.5 million.

Company Background

Founded in 2018 by Mounir Nakhla and Ahmed Mohsen, MNT-Halan has rapidly ascended to become a pivotal force in Egypt's financial technology landscape. The company offers a comprehensive suite of financial and non-financial services, ranging from lending and buy-now-pay-later options to e-commerce, payments, mobility solutions, and on-demand logistics.

Growth and Achievements

MNT-Halan has experienced exponential growth since its inception. The company has expanded its customer base to serve over seven million users, a twentyfold increase. With more than 2.2 million quarterly active users, MNT-Halan has facilitated the disbursement of over $4.4 billion in loans, cementing its position as a key player in Egypt's financial inclusion efforts.

Expansion Plans

While Egypt remains MNT-Halan's primary market, the company is setting its sights on international expansion. The newly acquired funds will fuel the company's ambitious plans to extend its innovative financial services beyond Egypt's borders. MNT-Halan's expansion strategy leverages its technological prowess and industry expertise while capitalizing on local partners' knowledge and capabilities in new markets.

Product Development

The Halan app, MNT-Halan's digital platform, continues to evolve and diversify its offerings. Currently, users can access various types of loans, pre-paid cards, e-wallets, e-commerce services, gold investments, and money market fund options. The company plans to introduce additional features soon, further enhancing its value proposition to users.

Leadership Perspective

Mounir Nakhla, founder and CEO of MNT-Halan, expressed enthusiasm about the company's future direction. He emphasized MNT-Halan's commitment to revolutionizing access to financial services through technology, both within Egypt and beyond. Nakhla also highlighted the company's M&A strategy, which aims to capitalize on MNT-Halan's technological strengths while benefiting from partners' local expertise.

Market Impact

MNT-Halan's success story represents a significant milestone for Egypt's startup ecosystem. As the country's first unicorn, the company has paved the way for increased investment and innovation in the region's fintech sector. Its continued growth and expansion plans signal a bright future for financial technology in the MENA region.

MNT-Halan's latest funding round underscores the company's strong market position and investor confidence in its vision. As it embarks on its international expansion journey, MNT-Halan is poised to play a crucial role in reshaping the financial services landscape across the MENA region and beyond. With its innovative approach to financial inclusion and robust technological foundation, MNT-Halan is well-equipped to tackle the challenges of bringing digital financial services to underserved populations.