MNT-Halan, an Egyptian FinTech firm and the nation’s first unicorn, has reportedly finalized a new investment round, acquiring a total of $157.5 million.
This new funding round included contributions of $40 million from the International Finance Corporation (IFC), while the other funds were provided by Development Partners International (DPI), Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate, and GB Corp.
This investment round has been announced after previous raises totaling $520 million durng the past couple years, confirming MNT-Halan’s strong position for business expansion.
Mounir Nakhla, founder and CEO of MNT-Halan, explained the strategic direction of the Fintech firm, noting:
“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 licences. 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.”
Following its launch, MNT-Halan has reported steady business growth, notably expanding its client base more than 20x to serve over 7 million customers.
Its all-digital platform, the Halan app, continues to evolve and improve, currently providing an extensive range of services such as different kinds of loans, prepaid payment cards, digital wallets, e-commerce solutions, precious metals like gold, as well as money market fund investments, with the intention to launch various new features in the future.
The recent transaction’s legal parts were handled by Maatouk Bassiouny & Hennawy as well as Van Campen Liem for MNT-Halan, meanwhile Hogan Lovells, Freshfields, and Gibson Dunn advised the subscribers.
Arqaam Capital has reportedly provided financial advice to GB Corp.
Established back in 2018, MNT-Halan has become a major player in enhancing digital financial services via innovative technology in Egypt.
With over 2.2 million quarterly active clients, the Fintech firm has reportedly provided more than $4.4 billion worth of loans.
