MNT-Halan raises $157.5 million 17 months after becoming Egypt’s first unicorn

·
July 21, 2024
·
2 min read
MNT-Halan founders, Mounir Nakhla and Ahmed Mohsen
  • 17 months after MNT-Halan announced a $400 million investment to become Egypt's first unicorn, the Egyptian startup has secured $157.5 million in a new funding round to fuel its expansion beyond Egypt.
  • The International Finance Corporation (IFC) led the round with a $40 million investment, joined by existing investors such as Development Partners International (DPI), and Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate, and GB Corp. 
  • This new development brings the startup’s total funding to $677.5 million over the past two years, supporting its expansion efforts.

In January 2023, the company secured $400 million, becoming Egypt's first unicorn and the first African unicorn in 2023. In September 2021, it also secured $120 million from global investors to drive further innovation in its technology and product development, scale to tens of millions of customers, and expand cross-border.

Mountie Nakhla founded MNT-Halan in 2018 to digitally bank the unbanked and substitute cash with electronic solutions. The startup offers several services, including lending, payments, consumer finance, and eCommerce. 

Per the startup, it has served over 5 million clients through its tech and data-driven solutions and disbursed over $2.5 billion in loans, while its eCommerce platform processes more than $50 million in monthly sales.

Per the founder, MNT-Halan is committed to revolutionising access to financial services through technology beyond Egypt’s borders.

Advertisement

 “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,” he shared. 

READ MORE   Confirmed: DealDey has shut down operations

In March 2024, the startup acquired the Advans Pakistan microfinance bank, a subsidiary of international microfinance Group Advans operating in Africa and Asia. The acquisition marked its inaugural expansion as the Advans Pakistan microfinance bank provided it with immediate scale with over 62,000 clients and 19 branches. 

In June 2022, the startup announced the acquisition of Talabeyah, a B2B eCommerce platform offering FMCG supplies directly to small merchants, retailers, and soon, consumers, meeting all their requirements with next-day delivery.

Other Stories
43b, Emina Cres, Allen, Ikeja.

 Techpremier Media Limited. All rights reserved
magnifier