Everyone Party Like Its Cairo- 959 … err, 2021!

Egypt is heating up, Fintech specifically. MNT-Halan, an Egyptian digital banking marketplace and payment services provider, just secured an almost-cool $400 million in funding. And with the new backing, their valuation has sailed up to over $1 billion. Hot diggity dang!

To understand why this is such a big deal, it helps to understand the track record of MNT-Halan first. The company has been around since 2013 and serves as a platform for banks, credit companies, and payment service providers in the Middle East, North Africa, and Southeast Asia.

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The team behind MNT-Halan helps financial services companies expand their customer base and keep their customers more secure. This, in turn, has enabled MNT-Halan to secure a large pool of loyal customers from different countries that use their services.

To think that an Egyptian Fintech was able to achieve this, even amidst a pandemic, is truly impressive; and definitely deserve a round of applause!

What Comes Next for MNT-Halan?

With the additional funds, MNT-Halan plans to expand their services to more countries in the Middle East, as well as in South Asia and Latin America.

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Not only that, they’re also reportedly looking to invest in additional security features and AI-driven analytics. All of these investments are targeted at providing better financial services to their consumers, and are definitely steps in the right direction.

Backers & What This Means for Egypt’s Future

MNT-Halan’s new funding round was led by Mubadala Investment Company, a strategic investment company owned by the United Arab Emirates. Several other companies, such as GGV Capital, Endure Capital and others, also participated.

Overall, this is a significant win for Egypt, as it presents a lot of investment opportunities for other innovative startups coming out of the country.

Wrapping Up

For MNT-Halan, their goals are clear: To provide better financial services to customers, boost other Egyptian startups, and head towards a path of global expansion.

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If they manage to be successful, Egypt is sure to benefit immensely – and that is something we can all get behind and celebrate! Until then, let’s just raise a glass and party like its Cairo- 959 … err, 2021!

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