MNT-Halan Raises Circa US $160 Million From International Investors To Fund Imminent Geographical Expansion Beyond Egypt

Further global investment highlights the scalability and diversification of  MNT-Halan’s business model

Cairo, 19^th July 2024 – MNT-Halan, Egypt’s first unicorn and fastest-growing fintech leader, has raised a total of US $157.5 million ─ US $40 million from the International Finance Corporation (IFC) and the remainder from DPI (Development Partners International), Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate, and GB Corp. The current round follows raises of US $400 million in January 2023 and US $120 million in September 2021, making the Egyptian native fintech extremely well positioned to further expand regionally.

MNT-Halan’s Founder and CEO, Mounir Nakhla, said: “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.”

Since its inception, MNT-Halan has grown over 20x to serve more than 7 million customers. It has continued to add new features and services to its customer centric digital ecosystem. The Halan app now includes all types of business and consumer loans, pre-paid cards, e-wallets, e-commerce, gold, and money market fund investments, with more services launching soon.

Maatouk Bassiouny & Hennawy and Van Campen Liem served as legal advisers to MNT-Halan for the transaction, and Hogan Lovells, Freshfields, and Gibson Dunn served as legal advisers to the subscribers. Arqaam Capital acted as financial advisers to GB Corp.

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About MNT-Halan

MNT-Halan, Egypt’s first unicorn, was founded in 2018 in Egypt with a mission to revolutionize access to financial services through technology. Serving millions, MNT-Halan’s transformative digital platform improves lives by creating convenient, seamless, and cost-effective financial solutions for people and aspiring businesses. The MNT-Halan digital ecosystem includes small and micro-business lending, consumer finance, pre-paid cards, e-wallets, savings, payments, and e-commerce. With +2.2 million quarterly active users, MNT-Halan has disbursed over USD 4.4 billion in loans and served more than 7 million customers in Egypt, of which 5 million are financial clients and 3 million are borrowers. MNT-Halan holds the micro, consumer, and nano finance licenses from the Egyptian Financial Regulatory Authority and the first independent electronic wallet license from the Central Bank of Egypt to disburse, collect, and transfer money digitally through mobile applications. Furthermore, MNT-Halan now has a Microfinance Bank license in Pakistan. The company has received many accolades, including being awarded Most Innovative Fintech Company in the Middle East and Africa by Global Finance Magazine, featuring on the Financial Times’ list of Africa’s Fastest Growing Companies for two consecutive years, and on Forbes Middle East’s ‘The Middle East’s Fintech 50’. The Egyptian microfinance arm has also been granted Bronze “Client Protection” Certificate holder by the MFR (under the Cerise + SPTF framework), the second in Egypt to receive this certificate. For more information, please visit the company’s website at www.mnt-halan.com.