In the Middle East and North Africa’s vibrant emerging markets, one company has surged ahead as a beacon of business success: MNT-Halan, Egypt’s first private fintech unicorn. Over the past two years, this Cairo-based startup has achieved what few thought possible in a challenging economic climate – it has grown a digital financial ecosystem that not only turned into a billion-dollar enterprise, but also brought tangible benefits to millions of underbanked Egyptians. MNT-Halan’s rise exemplifies the region’s entrepreneurial potential, combining innovation with social impact in a way that serves as a model for other MENA businesses.
From Local Startup To Egypt’s First Unicorn
MNT-Halan’s journey began modestly in 2018 as a fintech app offering digital wallets and small loans. By 2021, it had merged with a microlending platform and set its sights on a bigger vision: becoming a one-stop financial super-app for Egypt’s masses.
The real breakthrough came in early 2023, when MNT-Halan secured a massive USD 400 million funding round led by global investors. This deal, featuring USD 260 million in equity (notably from Abu Dhabi’s Chimera Investments) and USD 140 million in securitised bonds, catapulted MNT-Halan’s valuation to around USD 1 billion, officially making it a “unicorn.”
It was a landmark moment: Egypt, a country of 100-plus million people, finally had a privately held tech startup valued at ten figures. This achievement is all the more impressive given Egypt’s economic headwinds in recent years, including currency volatility, high inflation, and a pandemic aftershock. MNT-Halan’s ability to thrive in such conditions speaks to strong execution and a keen product-market fit.
The startup’s CEO, Mounir Nakhla, strategically steered the company to focus on its most profitable and impactful services. Halan shut down its early ride-hailing business (where global giants like Uber dominated) to concentrate on financial services where it could lead.
This decisive pivot paid off, allowing resources to pour into lending, payments, and e-commerce integrations tailored for Egypt’s underserved consumers and merchants.
Serving The Underbanked Through Innovation
MNT-Halan is transforming Egypt’s financial landscape by targeting the country’s vast unbanked and underbanked population, nearly two-thirds of adults, with a tech-driven, mobile-first approach. Through a single app (and offline agents in remote areas), the platform offers microloans, digital wallets, and e-commerce access.
To date, it has disbursed over USD 4.4 billion in loans to more than 3 million borrowers, enabling small business growth and emergency spending without traditional bank collateral. Users can also pay bills, transfer money, and shop for groceries or electronics, all within the app. Small merchants are given online storefronts and inventory tools, bringing them into the digital economy.
What sets MNT-Halan apart is its closed-loop ecosystem, where users can borrow, buy, and repay, all on one platform. By mid-2024, the startup had reached seven million registered users, with 2.2 million active each quarter, about one in every ten Egyptian adults.
This integrated model has gained traction among street vendors, gig workers, and shop owners traditionally excluded by banks. In making finance frictionless, MNT-Halan hasn’t just added users; it has built trust in communities historically left behind by formal banking.
A Record Of Growth
MNT-Halan has rapidly emerged as one of the most impressive fintech success stories in the MENA region. With over USD 300 million in revenue reported in 2022, the company demonstrated a strong financial profile that bolstered investor confidence, especially given its USD 1 billion valuation.
That confidence translated into continued funding momentum; by mid-2024, MNT-Halan had secured an additional USD 157.5 million in capital, including a USD 40 million investment from the World Bank’s IFC. Such follow-on investment at a unicorn valuation is rare in the region and reflects a global belief in the company’s long-term potential.
The startup’s operational scale is equally remarkable. MNT-Halan now boasts 7 million customers, with half using its financial services and over 2 million active borrowers. It has disbursed USD 4.4 billion in loans and processes significant transaction volumes, playing a key role in Egypt’s digital finance landscape.
Beyond digital infrastructure, the company has built an extensive network of small merchant partners who double as banking agents and retail points, enabling a powerful hybrid model that bridges online fintech services with offline accessibility across the country.
A Model For MENA’s Business Future
MNT-Halan’s story holds valuable lessons for the MENA business ecosystem. Firstly, it shows the power of solving local problems with tailored innovation. Egypt’s low banking penetration was often seen as a market failure; MNT-Halan turned it into an opportunity.
Instead of trying to copy Silicon Valley models outright, it built services suited to local culture, like offering nano-loans and using neighbourhood groceries as service points, meeting people where they are.
Secondly, MNT-Halan exemplifies resilience and adaptability. By navigating regulatory hurdles, fostering trust among wary customers, and even making tough choices (like shuttering non-core services), the company demonstrated strategic focus.
This is a blueprint for other regional startups: success often requires a laser focus on what works rather than diluting energy across too many ventures.
Moreover, the company’s rise highlights the growing support available for MENA entrepreneurs. Ten years ago, it was unheard of for an Egyptian startup to receive hundreds of millions in foreign investment.
Today, global investors actively seek promising ventures in the region. MNT-Halan attracted capital from the Gulf (Abu Dhabi’s Chimera), Western venture funds, and development finance institutions like the IFC. Such diverse backing suggests that if a business has strong fundamentals and addresses a large market need, it can break through traditional funding barriers.
Looking forward, MNT-Halan is not resting on its laurels. Flush with new capital, it is plotting regional expansion. The startup has hinted at entering other emerging markets, with Pakistan named as one of the first targets due to a newly acquired microfinance license there.
The expansion will be driven via a mix of partnerships and acquisitions, a sign of maturity as the firm aims to replicate its model abroad. If successful, MNT-Halan could evolve from a national champion into a regional fintech powerhouse across the Middle East, Africa, and South Asia.
MNT-Halan’s success over the last two years stands out as a defining MENA business success story. It combined innovation, savvy scaling, and social good to create a company that not only thrives financially but also improves lives. In a region eager to diversify economies and empower youth through entrepreneurship, MNT-Halan provides a template for what’s possible.
Its rise speaks to the untapped potential within MENA’s markets and underscores that with the right idea and execution, local startups can achieve world-class success. Aspiring entrepreneurs and policymakers alike would do well to study how MNT-Halan turned a bold vision into reality.