Egypt’s MNT-Halan raised $157.5 million, including $40 million from the International Finance Corporation, and the rest from DPI, Lorax Capital Partners, Apis Partners LLP funds, Lunate, and GB Corp.
Mounir Nakhla founded MNT-Halan in 2017 to provide lending, purchase now pay later, e-commerce, payments, mobility, and on-demand logistics.
New funding will help MNT-Halan expand geographically. After raising $400 million in debt and equity, MNT-Halan joined Egypt’s unicorn club last year.
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The International Finance Corporation contributed $40 million to this most recent financial infusion; Development Partners International, Lorax financial Partners, funds administered by Apis Partners LLP, Lunate, and GB Corp provided the remaining money.
This round of funding follows two years’ worth of raises totaling $520 million, highlighting MNT-Halan’s strong position for regional growth.
Mounir Nakhla, founder and CEO of MNT-Halan, emphasised the strategic direction of the company, stating, “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.”
It has had significant growth since its founding, serving over seven million customers by more than doubling its customer base. The Company app, the company’s digital platform, is still developing and now provides a large range of services, such as e-wallets, prepaid cards, e-commerce, gold, and money market fund investments. More features will be added soon.
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Maatouk Bassiouny & Hennawy and Van Campen Liem handled the transaction’s legal issues on behalf of MNT-Halan, and Hogan Lovells, Freshfields, and Gibson Dunn provided the subscribers with advice. GB Corp. received financial guidance from Arqaam Capital.
Since its founding in 2018, It has emerged as a key player in Egypt’s technological transformation of the financial services industry. Over 2.2 million consumers are active on a quarterly basis, and the company has disbursed over $4.4 billion in loans.
About MNT-Halan
MNT-Halan specialises in microfinance and payments. The company wants to electronically bank the unbanked and replace cash with digital alternatives. It offers several services and creative solutions, including mobile wallets and cards.
