Egyptian entrepreneur Mounir Nakhla’s MNT-Halan secures $157.5 million in funding round

Omokolade Ajayi -

Key Point

  • MNT-Halan, Egypt’s first unicorn, has secured $157.5 million in a new funding round for regional expansion.
  • The round includes a $40 million investment from IFC, raising total capital to $520 million over two years.
  • MNT-Halan’s valuation surpassed $1 billion in early 2023, following a $400 million investment.

MNT-Halan, Egypt’s pioneering fintech startup and the nation’s first unicorn led by tech entrepreneur Mounir Nakhla, has successfully raised $157.5 million in a crucial funding round to drive its regional expansion efforts. This latest funding push marks a significant milestone in the company’s growth trajectory.

The funding round received a notable boost from the International Finance Corporation (IFC), which contributed $40 million. Other key 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 in the past two years reaches $520 million, highlighting its rapid growth and ambitious expansion plans.

MNT-Halan secures funding for regional expansion

Legal advisory services for the transaction were provided by Maatouk Bassiouny & Hennawy and Van Campen Liem for MNT-Halan. Investors were represented by Hogan Lovells, Freshfields, and Gibson Dunn. Arqaam Capital acted as the financial advisor to GB Corp.

Mounir Nakhla, MNT-Halan’s founder and CEO, expressed his enthusiasm for the company’s future. “Egypt remains our core market, but we aim to transform financial services across borders through advanced technology,” Nakhla said.

“Our M&A strategy leverages our tech and industry insights alongside our partners’ regional expertise and resources. We are pleased to welcome the IFC and appreciate the continued support from our existing investors,” Nakhla added.

MNT-Halan soars to unicorn status as fintech leader in MENA

Since its founding in 2018, with origins dating back to 2010, MNT-Halan has emerged as a leading fintech ecosystem. Under Nakhla’s leadership, the company has become the largest and fastest-growing lender to the unbanked and underbanked in the region.

The company has expanded its customer base over 20-fold, serving more than seven million users through its Halan app. This digital platform offers a wide range of services, including loans, pre-paid cards, e-wallets, e-commerce, gold, and money market fund investments.

In early 2023, MNT-Halan garnered significant attention when its valuation surpassed $1 billion, following a $400 million investment from a consortium of investors. This valuation boost cemented its position as a leading player in the regional fintech market.