Egyptian fintech MNT-Halan raises $157.5 mln in new funds

CAIRO, July 19 (Reuters) – Egyptian microfinance lending and payments company MNT-Halan has secured $157.5 million in additional finance as it eyes expansion outside Egypt, the company said on Friday.

Of the new finance, $40 million is coming from the International Finance Corporation (IFC) and $117.5 million from DPI (Development Partners International), Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate, and GB Corp, it said.

The IFC and Lorax had already invested in the company.

MNT-Halan raised $400 million in finance in February 2023, making it Egypt’s first unicorn, or privately held company with a market value of over $1 billion.

MNT-Halan, which provides small- and micro-business lending, payments, consumer finance and e-commerce, now has more than 7 million customers in Egypt, the company said.

(Reporting by Patrick Werr; editing by David Evans)

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