Egyptian Fintech MNT-Halan Secures $400 Million in Funding, Valuation Rises to Over $1 Billion – Fintech Bitcoin News
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Egyptian fintech MNT-Halan has secured $400 million in funding, raising its valuation to over $1 billion and making it one of the most valuable fintechs in the region.
The funding round was led by global venture capital firm General Atlantic, with participation from existing investors including Cairo-based venture capital firm Algebra Ventures, the International Finance Corporation (IFC), and Endeavor Catalyst.
The investment marks the largest venture capital funding round for an Egyptian fintech, and will be used to accelerate MNT-Halan’s growth and expansion in the Middle East and North Africa (MENA) region.
MNT-Halan, which was founded in 2015, is a mobile payment platform that allows users to send and receive money, pay bills, and purchase goods and services using their mobile phones. The company has more than 8 million users and has processed more than $1 billion in transactions since its launch.
The company has also developed a range of financial services, including a digital wallet, a peer-to-peer payments platform, and a money transfer service.
MNT-Halan’s success is a testament to the potential of the fintech sector in Egypt, which is one of the fastest-growing fintech markets in the world. The sector has seen rapid growth in recent years, with a number of startups launching innovative products and services.
The Egyptian government has also been supportive of the sector, introducing a number of initiatives to encourage innovation and investment in the sector.
MNT-Halan’s success is also a sign of the growing popularity of fintech services in the region. According to a recent report by the Boston Consulting Group, the MENA region is expected to be the fastest-growing fintech market in the world over the next five years, with an annual growth rate of 24%.
The report also noted that the MENA region is becoming an attractive destination for investors, with venture capital investment in the region growing by more than 50% in 2020.
MNT-Halan’s success is a sign of the potential of the fintech sector in the MENA region, and is likely to attract further investment in the sector. The company’s success is also a sign of the potential of the Egyptian fintech market, which is set to continue to grow in the coming years.
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