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.
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.
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.
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!
