MNT-Halan, Egypt’s pioneering fintech business and the country’s first unicorn, led by digital entrepreneur Mounir Nakhla, has raised $157.5 million in a critical investment round to accelerate its regional development efforts. This latest fundraising round represents a critical milestone in the company’s growth trajectory.
The International Finance Corporation (IFC) gave the finance round a significant boost, contributing $40 million. Other major investors included Development Partners International (DPI), Lorax Capital Partners, Apis Partners LLP-managed funds, Lunate, and GB Corp. With this latest injection, MNT-Halan’s total capital raised over the last two years has reached $520 million, highlighting the company’s quick development and ambitious expansion aspirations.
Maatouk Bassiouny & Hennawy and Van Campen Liem provided legal advice on the deal for MNT-Halan. Investors were represented by Hogan Lovells, Freshfields, and Gibson Dunn. Arqaam Capital served as the financial advisor to GB Corp.
Mounir Nakhla, MNT-Halan’s founder and CEO, expressed optimism about the company’s future. “Egypt remains our core market, but we aim to transform financial services across borders through advanced technology,” Nakhla told the crowd.
“Our M&A strategy takes advantage of our technical and industrial insights, as well as our partners’ regional skills and resources. We are delighted to welcome the IFC and appreciate the ongoing support of our existing investors,” Nakhla added.
MNT-Halan, established in 2010, has become a top fintech ecosystem since its inception in 2018. Under Nakhla’s leadership, the company has emerged as the region’s largest and fastest-growing lender to the unbanked and underbanked.
The company’s customer base has grown by 20 times, with over seven million people using its Halan app. This digital platform provides a variety of services, such as loans, pre-paid cards, e-wallets, e-commerce, gold, and money market fund investments.
In early 2023, MNT-Halan’s valuation topped $1 billion after receiving a $400 million investment from a syndicate of investors. This valuation increase solidified its position as a top player in the regional fintech business.