Egypt’s fintech unicorn, MNT-Halan, has raised $157.5 million in funding to support its regional expansion plans.
The investment round attracted backers including, the International Finance Corporation (IFC) which committed $40 million.
Other participants were Development Partners International, Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate, and GB Corp.
MNT-Halan is leveraging the fresh capital to acquire Tam Finans, a Turkish fintech specialising in microfinance and SME lending.
With this, the Egyptian company is entering into the Turkish market, aligning with its vision to broaden its reach beyond its home turf.
Tam Finans has a 40% market share in Turkey, operating 39 branches across 26 cities, and its acquisition will create an entity with a loan portfolio nearing $1 billion.
Founded in 2018, MNT-Halan has rapidly grown its fintech ecosystem, serving over 7 million customers in Egypt.
It offers a variety of services including business and consumer loans, prepaid cards, e-wallets, and e-commerce solutions.
The company recently launched a super app to consolidate these offerings, drawing inspiration from successful models like Nubank.
Mounir Nakhla, MNT-Halan’s CEO, emphasises the prospects of the Turkish market, noting its huge unbanked population and economic opportunities.
The acquisition of Tam Finans is part of MNT-Halan’s plans to leverage its technological capabilities and expand its footprint.
Nakhla revealed plans to introduce factoring services in late 2024, complementing the company’s existing lending operations.
The company has disbursed over $4.5 billion in loans to date and achieved great revenue growth, with projections to reach between $500-600 million in revenues by 2024.
This expansion follows MNT-Halan’s recent entry into Pakistan, where it acquired a microfinance bank, and indicates its continued pursuit of international growth.
