Egypt-based fintech ecosystem MNT-Halan has announced that it secured USD 157.7 million in funding to advance its geographical expansion. Following two other investment rounds, in which MNT-Halan obtained USD 400 million, respectively USD 120 million, the current funding is set to enable the company to further its commitment to expanding its geographical footprint.

Launched in 2018, the firm was developed to digitally bank the unbanked population across the region and substitute cash payments with electronic services. As part of its ecosystem, MNT-Halan includes small and micro business lending, payments, consumer finance, and ecommerce, as well as pre-paid cards, e-wallets, and savings. Currently having 2.2 million quarterly active users, the firm disbursed more than USD 4.4 billion in loans and served over seven million customers in Egypt, according to its data.

MNT-Halan’s development strategy In a bid to assist its international expansion, MNT-Halan raised USD 157.7 million in capital, with USD 40 million coming from the International Finance Corporation (IFC). Other participants in the round include Development Partners International, Lorax Capital Partners, and funds managed by Apis Partners LLP, Lunate, and GB Corp. Both the current capital injection and the two previous ones intend to solidify the company’s position in the market and allow it to further expand its operations. According to MNT-Halan’s officials, even if Egypt is set to remain the company’s primary market, the firm plans to optimise access to financial services technology beyond the region’s borders.

Also, MNT-Halan’s M&A strategy leverages its technology and industry knowledge, whilst utilising its partners’ local expertise, management capabilities, and licences. The company mentioned that the current announcement highlights both the IFC and its shareholders’ support and certainty in its solutions and capabilities. Back in February 2023, when the MNT-Halan secured USD 400 million, representatives underlined that being backed by Chimera Abu Dhabi was of significant assistance to the execution of their company’s international expansion strategy. The firm aimed to grow both organically and inorganically by providing financial products and services locally and across the borders to support the underserved population.

.