Egyptian fintech company MNT-Halan has raised US$157.5 million in funding to support its imminent geographical expansion.
Founded in 2018, MNT-Halan was created to digitally bank the unbanked and substitute cash with electronic solutions. The MNT-Halan digital ecosystem includes small and micro business lending, payments, consumer finance, and e-commerce.
The MNT-Halan digital ecosystem includes small and micro-business lending, consumer finance, pre-paid cards, e-wallets, savings, payments, and e-commerce. With over 2.2 million quarterly active users, MNT-Halan has disbursed over US$4.4 billion in loans and served more than seven million customers in Egypt.
It is now set for international expansion after raising US$157.5 million in capital, with US$40 million of that coming from the International Finance Corporation (IFC). Other investors were Development Partners International, Lorax Capital Partners, and 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 fintech company extremely well-positioned to further expand regionally.
“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 licenses,” said MNT-Halan founder and CEO Mounir Nakhla.
“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.”
