MNT-Halan has announced that the International Finance Corporation (IFC) will contribute $40 million of the total funding, while the remainder will be secured from Development Partners International (DPI), Lorax Capital Partners, Apis Partners LLP, Lunate, and GB Corp.
The company, which offers services in microfinance, payments, consumer finance, and e-commerce, stated that this funding round follows previous capital raises totaling $520 million over the past two years.
Since its inception, MNT-Halan has experienced significant growth, increasing its user base more than 20-fold to now serve over seven million users in Egypt.
Commenting on the expansion, MNT-Halan’s founder and CEO, Mounir Nakhla, said: “While Egypt remains our core market, we are committed to expanding our financial services through technology beyond Egypt’s borders.”
The company’s digital platform, “Halan App,” offers a wide range of services, including various types of loans, prepaid cards, digital wallets, as well as gold and money market fund investments. The company plans to introduce additional features soon.
Founded in 2018, MNT-Halan processed transactions worth $1.9 billion in 2023, with its app downloaded 4.2 million times as of December 2023.
In February 2023, MNT-Halan achieved unicorn status with a valuation of $1 billion following a $200 million equity funding round and secured $450 million in debt financing through securitization bonds during 2023.
The company also ranked eighth in Forbes Middle East’s 2024 list of the 50 Most Powerful Fintech Companies in the region, founded by entrepreneurs Mounir Nakhla and Ahmed Mohsen.
