Egypt's MNT-Halan Raises $157.5M To Fuel Expansion
Date
7/20/2024 2:09:42 PM
(MENAFN- Daily News Egypt)
MNT-Halan, Egypt's first unicorn, has raised $157.5m in a new funding round to fuel its regional expansion.
The International Finance Corporation (IFC) contributed $40m to the round, with the remainder coming from Development Partners International (DPI), Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate, and GB Corp.
The latest investment brings MNT-Halan's total funding to $677.5m over the past two years.
“While Egypt remains our primary market, we are committed to revolutionizing access to financial services through technology beyond Egypt's borders,” said Mounir Nakhla, founder and CEO of MNT-Halan.“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.”
Since its launch in 2018, MNT-Halan has grown rapidly, expanding its customer base 20-fold to more than seven million users. The company's Halan app offers a range of financial services, including loans, prepaid cards, e-wallets, e-commerce, gold, and money market fund investments.
MNT-Halan has disbursed more than $4.4bn in loans and has 2.2 million quarterly active users.
Maatouk Bassiouny & Hennawy and Van Campen Liem advised MNT-Halan on the transaction, while Hogan Lovells, Freshfields, and Gibson Dunn represented the investors. Arqaam Capital provided financial advice to GB Corp.
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