MNT-Halan, Egypt’s leading fintech startup, has announced the successful closure of a new funding round, raising $157.5 million to support its expansion beyond Egypt. This latest round was spearheaded by the International Finance Corporation (IFC), which contributed $40 million, with additional investments from Development Partners International (DPI), Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate, and GB Corp.
Funding Milestones
This recent funding brings MNT-Halan’s total funding to an impressive $677.5 million over the past two years. In January 2023, the company made headlines by securing $400 million, becoming Egypt’s first unicorn and the first African unicorn of the year. Previously, in September 2021, MNT-Halan raised $120 million from global investors to drive innovation, enhance technology, and scale operations.
About MNT-Halan
Founded in 2018 by Mountie Nakhla, MNT-Halan aims to digitally bank the unbanked population and replace cash transactions with electronic solutions. The startup offers a wide array of services, including lending, payments, consumer finance, and eCommerce. It has already made a significant impact, serving over 5 million clients, disbursing over $2.5 billion in loans, and processing more than $50 million in monthly e-commerce sales.
Expansion and Strategic Acquisitions
In line with its commitment to expanding beyond Egypt, MNT-Halan has made strategic acquisitions to bolster its presence in new markets. In March 2024, the company acquired Advans Pakistan, a microfinance bank, gaining immediate scale with over 62,000 clients and 19 branches. This move marked MNT-Halan’s first major step in its international expansion.
In June 2022, MNT-Halan acquired Talabeyah, a B2B eCommerce platform that supplies FMCG products directly to small merchants and retailers, with plans to extend services to consumers, ensuring next-day delivery.
Future Prospects
With this new influx of capital, MNT-Halan is well-positioned to revolutionize access to financial services beyond Egypt’s borders. The startup’s tech and data-driven solutions are set to empower millions more clients across new markets, continuing its mission to digitally transform financial services in underserved regions.
As MNT-Halan expands, it remains committed to its core mission of enhancing financial inclusion and providing innovative solutions to its growing customer base. This latest funding round signifies strong investor confidence and lays a solid foundation for the company’s ambitious growth plans in Africa and beyond.
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