Egyptian startup MNT-Halan gets $157.5m fund for expansion

Egyptian start-up, MNT-Halan, has raised $157.5 million in a new funding round to drive its expansion beyond Egypt.

This is happening 17 months after announcing a $400 million investment to become Egypt’s first unicorn.

A press release stated that Mounir Nakhla, founder and CEO of MNT-Halan confirmed the funding on Monday.

MNT-Halan was established in 2018 to use digital banking to bank the unbanked and replacing cash with electronic alternatives.

Lending to small and micro businesses, payments, consumer finance, and e-commerce are all part of the MNT-Halan digital ecosystem.

The International Finance Corporation (IFC) led this round, which saw participation from long-standing investors such as Development Partners International and Lorax Capital Partners. Apis Partners LLP, Lunate, and GB Corp. administered the funds.

“Our M&A strategy capitalises on our technology and industry expertise while leveraging our partners’ local knowledge, management capabilities, and licenses.

“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,” Nakhla shared.

The company obtained a $120 million funding round in September 2021 from international investors to propel technological and product innovation, enabling it to expand its clientele to tens of millions.

Intending to reach new markets, the startup also raised $400 million in January 2023, increasing its total capital to $677.5 million over two years.

The firm purchased the Advans Pakistan microfinance bank in March 2024. Advans is a global microfinance group with operations in Asia and Africa.

Nakhla outlined the company’s goals for the area and its strategic orientation, emphasising that although Egypt is still the company’s major market, it intends to expand internationally to serve a greater number of people and companies.

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