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    Home»General»Egypt-based MNT Halan Sets Sails For $500 Million In Credit Expansion After Key Acquisitions
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    Egypt-based MNT Halan Sets Sails For $500 Million In Credit Expansion After Key Acquisitions

    Samuel IgeBy Samuel IgeFebruary 17, 2025No Comments3 Mins Read
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    MNT-Halan

    Egyptian fintech unicorn, MNT-Halan, has unveiled plans to intensely bring about an international expansion campaign that will see diversify its operations beyond local borders. Since ascending to unicorn status in 2024, the company has pulled off a series of strategic acquisition and market entries herald MNT-Halan’s plans to create a space for itself in the emerging finance industry.

    A massive pool of funding have formed the reservoir for MNT-Halan’s recent acquisitions and expansion drive. This includes a $157.5 million round in July, anchored by a $40 million investment from the International Finance Corporation (IFC). Over the past three years, the fintech startup has raised $520 million from investors like Development Partners International (DPI), Lorax Capital Partners, Apis Partners LLP, Lunate, and GB Corp. The Abu Dhabi sovereign fund Lunate is also a key backer.

    MNT-Halan’s recent move was a significant investment in Pakistan. After it successfully acquired the Advance Microfinance Bank, the company now aims to build a $500 million loan portfolio. This expansion will focus on female entrepreneurs, farmers, and car buyers, leveraging the growing microfinance sector in Pakistan, where the gross loan portfolio has nearly doubled since 2018, reaching Rs565.8 billion (approximately $1.9 billion USD) in 2024.

    Having already accrued 50,000 existing users in Pakistan and processing $11 billion in global transactions, MNT-Halan plans to double its customer base in Egypt. Pakistan, the United Arab Emirates, and Turkey. The company also aims at opening 100 new branches this year and introduce a digital banking app. Further expansion, though, may depend on whether the company secured a nation banking license in Egypt. MNT-Halan is also exploring Sharia-compliant financial products and partnering with local businesses to offer integrated finance solutions. The acquisition of Advance Microfinance Bank provided a ready-made license, accelerating MNT-Halan’s entry into the Pakistani market.

    The adventure into Pakistan comes off the back of another foray into the United Arab Emirates. Halan Advance, an early salary access service formed the vanguard of this campaign, helping the company to take a major step towards tapping into the substantial market of expatriate workers, many of whom lack access to traditional banking.

    The UAE market holds significant promise, with over 3.7 million expatriates earning an estimated $2.7 billion per month. MNT-Halan plans to expand its UAE offerings to include credit, payments, and investment services, aiming for 250,000 clients by the end of 2025, up from the current 40,000. In a further show of ambition, MNT-Halan acquired Tam Finans, a Turkish microfinance and SME lending platform in 2024. This move represents the company’s first foothold in the Turkish market. MNT-Halan will take advantage of Tam Finans’ expertise in invoice factoring and digital lending. The acquisition included an equity option that will see Tam Finans’ existing owners with Actera Group and the European Bank for Reconstruction and Development (EBRD), becoming MNT-Halan shareholders. Tam Finans has disbursed over $300 million in loans to more than 20,000 active businesses in Turkey.

    African Startups Funding Mergers and Acquisitions
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    Samuel Ige

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