MNT-Halan Raises $340 Million

MNTHalan is a large and fast-growing lender to the unbanked that provides small- and micro-business lending, payments, consumer finance, and e-commerce.MNT-Halan digitally banks the unbanked and substitutes cash with electronic solutions. The company was the first to obtain an independent electronic wallet license from the Central Bank of Egypt to disburse, collect and transfer money digitally through mobile applications.

The startup is now indisputably the best-funded in the country after securing $200 million in equity funding, plus a further $140 million in debt. Commercial International Bank (CIB), Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait, Al Baraka Bank, Arab Africa International Bank, Agricultural Bank of Egypt, ABC Bank, NI Capital, National Bank of Egypt, and the Housing and Development Bank are participating in the securitization. Moreover, the company is in talks to raise another $60 million, which would value it at $1 billion, becoming a new unicorn.

MNT-Halan, headquartered in Cairo, Egypt, was founded by Mounir Nakhla in 2018. MNT-Halan founder and CEO Mounir Nakhla noted: “The timing of the transaction is also a testament to our ability to significantly increase our revenues and open new revenue streams while growing our bottom line, despite the macro-economic situation.” Currently, the company has over 5 million customers in Egypt, of which 3.5 million are financial clients and 2 million are borrowers. About 1.3 million of the customers are active monthly.

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