Egypt’s MNT-Halan Reaches A $130M Milestone In Funding: What Does This Mean For SMEs?
MNT-Halan, Egypt’s first fintech unicorn, secured a major deal of $130 million dollars in funding through securitization. With this deal, the company now managed to secure over $400 million dollars in funding in 2023.
The company opened its doors back in 2018 with a mission to provide digital financial services to the unbanked population and substitute cash with electronic solutions. They are known as “The largest and fastest-growing non-bank lender to the unbanked.” Offering everything from small and micro-business lending and consumer finance to e-commerce solutions, the company managed to maintain more than 1.5 million active users each quarter.
With over seven million customers using their services, MNT-Halan was able to achieve unicorn status, meaning that it became a privately held technology company worth over $1 billion. The success of the company in a lot of ways is attributed to its robust business model, excellent loan portfolio and robust repayment capabilities.
Looking ahead, the company strives to earn an additional $150 million by the end of the year as a continuation of its effort to grow and develop its customer base. Today, MNT-Halan serves as a great example of innovation and financial inclusion in Egypt.
