Introduction

Egyptian startup MNT-Halan has secured $157.5 million in a new funding round, just 17 months after a substantial $400 million investment. This latest funding round aims to fuel MNT-Halan's expansion beyond Egypt, cementing its position as a pioneering fintech company in the region.

Significant Investment Led by IFC

The new funding round was led by the International Finance Corporation (IFC) with a $40 million investment. Other participants included existing investors such as Development Partners International (DPI), Lorax Capital Partners, Apis Partners LLP, Lunate, and GB Corp. This infusion brings MNT-Halan’s total funding to $677.5 million over the past two years, supporting its ambitious expansion plans.

Digitally Banking the Unbanked

Founded by Mountie Nakhla in 2018, MNT-Halan aims to provide digital banking solutions to the unbanked population, replacing cash transactions with electronic alternatives. The startup offers a range of services including lending, payments, consumer finance, and eCommerce.

Serving Millions and Processing Billions

MNT-Halan has successfully served over 5 million clients through its tech-driven solutions. The company has disbursed over $2.5 billion in loans and its eCommerce platform processes more than $50 million in monthly sales. These milestones underscore MNT-Halan's commitment to revolutionizing access to financial services through technology.

Achieving Unicorn Status and Expanding Horizons

In January 2023, MNT-Halan secured $400 million, becoming Egypt's first unicorn and the first African unicorn of the year. This followed a $120 million investment in September 2021 from global investors to drive technological innovation and scale its customer base. These investments have positioned MNT-Halan to expand cross-border and serve tens of millions of customers.

Expanding Through Mergers and Acquisitions

In March 2024, MNT-Halan acquired the Advans Pakistan microfinance bank, a subsidiary of the international microfinance group Advans, operating in Africa and Asia. This acquisition provided MNT-Halan with immediate scale, adding over 62,000 clients and 19 branches to its portfolio.

Acquisition of Talabeyah

In June 2022, MNT-Halan announced the acquisition of Talabeyah, a B2B eCommerce platform offering FMCG supplies directly to small merchants, retailers, and consumers with next-day delivery. This strategic move enhances MNT-Halan's service offerings and expands its reach within the eCommerce sector.

Leadership's Vision and Strategy

Mountie Nakhla, founder and CEO of MNT-Halan, emphasized the importance of leveraging technology and industry expertise to drive growth. "Our M&A strategy capitalizes 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," he shared.