Grace Ashiru
MNT-Halan, an Egyptian fintech firm, has successfully secured $157.5 million in funding to support its upcoming geographical expansion. Of this amount, $40 million was contributed by the International Finance Corporation (IFC). Additional investors include funds managed by Apis Partners LLP, Lunate, GB Corp., Development Partners International, and Lorax Capital Partners.
Founded in 2018, MNT-Halan aims to leverage digital banking to serve the unbanked population and replace cash transactions with electronic alternatives. Its digital ecosystem encompasses lending to small and micro businesses, payments, consumer finance, and e-commerce.
MNT-Halan’s digital ecosystem encompasses small- and microbusiness financing, consumer finance, e-wallets, pre-paid cards, savings, payments, and e-commerce. Serving over seven million consumers in Egypt, MNT-Halan has disbursed loans exceeding US$4.4 billion, with more than 2.2 million active users on a quarterly basis.
“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,” 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.”
Having raised US$120 million in September 2021 and US$400 million in January 2023 prior to this round, the Egyptian fintech company is in a very strong position to grow regionally.
