Egyptian fintech unicorn MNT-Halan to sell 20% stake in IPO  

MNT-Halan, an Egyptian fintech lending and payments company, founded by Egyptian entrepreneur Mounir Nakhla, plans to sell 20% of its shares through an initial public offering in Egypt this month, potentially making it one of the country’s largest stock-market listings in recent years, the company said. 

The offering remains subject to market conditions and regulatory approvals, MNT-Halan said in a statement. The company plans to sell 320 million ordinary shares, representing one-fifth of its issued share capital, through a private placement to institutional investors and a public offering on the Egyptian Exchange.

Fintech bets on Egypt 

MNT-Halan became Egypt’s first fintech unicorn in 2023 after a $400 million funding round valued the company above $1 billion. In June, the company said its valuation had risen to $1.4 billion after closing the initial tranche of a funding round worth more than $70 million.

The company has disbursed about EGP 178 ($6.1 billion) in loans since its inception, based on average historical exchange rates, according to the statement. Its gross loan book stood at about EGP 46.7 billion ($893 million) at the end of June, with roughly 1.9 million active customers. 

The company has expanded beyond Egypt through acquisitions, including the purchase of a microfinance bank in Pakistan and Tam Finans, a Turkish commercial finance company. MNT-Halan also operates in the United Arab Emirates, extending its lending, payments and other financial services across four markets.

IPO tests investor demand 

About 24.3 million additional shares are expected to be sold to senior employees, subject to regulatory approval. The transaction will give institutional investors and the Egyptian public an opportunity to buy into a company that has built its business around lending and digital financial services in one of Africa’s largest economies. 

Nakhla, MNT-Halan’s chief executive officer, said Egypt’s economic and capital-market progress over the past two years had strengthened the country’s appeal to foreign investors. The offering follows United Bank’s December 2024 listing, when Egypt’s central bank sold a 30% stake in the state-owned lender. 

The planned listing comes as Egyptian companies seek to tap local capital markets for funding and broaden investor participation. MNT-Halan’s IPO would also give public-market investors exposure to a fintech business that has expanded its lending operations while building a wider financial-services platform.

MNT-Halan expands Egypt fintech reach

MNT-Halan was founded in 2017 by Mounir Nakhla and Ahmed Mohsen, Co-Founder and Chief Technology Officer. It operates as a multi-service digital financial platform offering consumer and business lending, prepaid cards, e-wallets, investment products, and e-commerce services through its mobile application and physical network.

The company says its wider ecosystem serves more than 8 million customers, while its latest disclosed active-customer figure stands at about 1.9 million, reflecting different measures of customer reach.