Norfund helped Egyptian fintech MNT-Halan grow through a US$40 million commitment to a fund managed by Development Partners International. The commitment went to African Development Partners III in 2019. MNT-Halan's Egyptian business listed on the Cairo stock exchange in October in Egypt's largest IPO since 2021.
Fund involvement
African Development Partners III invested in MNT-Halan in 2021. Norfund said funds such as ADP III help it reach companies it could not find or follow up on its own. The commitment supported the company's growth from a local startup into a regional platform.
Customer growth
In 2018, the Egyptian startup had 400,000 customers. Most of them were people no bank would lend to. It has since grown to 10 million customers.
Financial services
The platform provides financial services to people who are unbanked or underserved. It operates in Egypt, Turkey, the United Arab Emirates, and Pakistan. The company functions as a regional fintech platform.
In December, Norfund committed a further US$25 million to DPI's next fund. MNT-Halan is the third DPI portfolio company to list within 18 months. The other listings were Optasia in Johannesburg and CMGP Group in Casablanca.
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