Following a series of funding rounds totaling $520 million over the past three years, the Egyptian financial services company has secured additional capital to propel its growth beyond its home market.
Strategic Investment
Egyptian fintech MNT-Halan announced on Saturday, July 20, 2024, that it has raised $157.5 million in funding to support its growth and geographic expansion.
The International Finance Corporation (IFC) invested $40 million in equity. The remaining capital was provided by five existing investors: Development Partners International, Lorax Capital Partners, Apis Partners, Lunate, and GB Corp.
Regional Ambitions
MNT-Halan plans to use this funding to expand beyond Egypt. The targeted countries have not been disclosed.
“While Egypt remains our primary market, we are committed to revolutionizing access to financial services beyond Egyptian borders,” said Mounir Nakhla, CEO of MNT-Halan.
Proven Track Record
This current round follows funding rounds of $400 million and $120 million raised by the fintech in January 2023 and September 2021.
Co-founded in 2018 by Mounir Nakhla and Ahmed Mohsen, the company claims to have allocated more than $4.4 billion in loans to over 7 million customers in Egypt to date.
Comprehensive Financial Solutions
Its activities focus on providing financial solutions including microloans, consumer loans, savings solutions, and mobile payments to individuals and businesses.