MNT-Halan Secures $157.5 Million to Expand Beyond Egypt

MNT-Halan Secures Additional Funding

Seventeen months after securing a $400 million investment, MNT-Halan, Egypt’s pioneering unicorn, has obtained an additional $157.5 million in funding.

The International Finance Corporation (IFC) led this latest round with a $40 million investment, supported by existing investors such as Development Partners International (DPI), Lorax Capital Partners, Apis Partners LLP, Lunate, and GB Corp. This funding boosts MNT-Halan’s total raised capital to $677.5 million over the past two years, facilitating its regional and international expansion.

Founded by Mountie Nakhla in 2018, MNT-Halan aims to digitally bank the unbanked and replace cash with electronic solutions. The startup offers a suite of services including lending, payments, consumer finance, and eCommerce.

In January 2023, MNT-Halan became Egypt’s first unicorn and the first African unicorn of the year, thanks to a $400 million investment. Earlier, in September 2021, it secured $120 million to enhance its technology, develop new products, and scale its operations to serve tens of millions of customers across borders.

Serving Over 5 Million Clients Through Technological Innovation

MNT-Halan has made significant strides in financial inclusion, serving over 5 million clients with its technology and data-driven solutions. The startup has disbursed more than $2.5 billion in loans and processes over $50 million in monthly sales on its eCommerce platform.

The company’s expansion strategy leverages its technological expertise and industry knowledge, augmented by its partners’ local insights, management skills, and regulatory licenses. In March 2024, MNT-Halan marked its first major international expansion by acquiring Advans Pakistan, a microfinance bank serving over 62,000 clients with 19 branches. This acquisition provided MNT-Halan with immediate scale and market presence in Pakistan.

Additionally, in June 2022, the startup acquired Talabeyah, a B2B eCommerce platform that supplies FMCG products to small merchants and retailers with next-day delivery, enhancing its service offerings.

Commitment to Financial Revolution

Founder Mountie Nakhla emphasized the company’s mission: “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.”

MNT-Halan remains dedicated to expanding access to financial services beyond Egypt’s borders, aiming to impact more lives with its innovative solutions.