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MNT-Halan, Egypt’s first FinTech unicorn, has announced plans to list on the Egyptian Stock Exchange (EGX) through an initial public offering.
The listing of MNT-Halan will be one of the largest such listings on Egypt’s stock exchange in years and will see the company sell a 20% stake.
“I am incredibly excited to be listing MNT-Halan on the Egyptian Exchange. The listing comes at a time of continued progress in Egypt’s economy and capital markets over the past two years that has strengthened the market’s appeal to foreign investors,” said Mounir Nakhla, founder, Chief Executive Officer and Managing Director of MNT-Halan.
In a statement, the Cairo-based FinTech lending and payments company said it intends to offer 320 million ordinary shares, representing a fifth of its issued share capital, through a combination of a private placement to institutional investors and a public offering in Egypt. The offering is expected to be completed in October 2026, subject to market conditions and the necessary regulatory approvals.
The offer price will be determined through a book-building process, while an additional 24.3 million shares are also set to be sold to senior employees, pending regulatory approval.
Founded in 2018, MNT-Halan operates as one of Egypt’s leading FinTech platforms, delivering an integrated suite of financial services across borrowing, payments, investments, and consumer marketplace products. The company runs a hybrid distribution model, combining a consumer-facing mobile app called the Halan App with a physical network of more than 1,200 distribution points across 25 of Egypt’s governorates.
It serves approximately 1.9 million active customers and holds a gross loan book of about $947 million (46.7 billion Egyptian pounds) at the end of June. It has also expanded beyond Egypt through its acquisition of a bank in Pakistan and a micro-leasing company in Turkey.
In June, the company closed an initial tranche of a funding round exceeding $70 million, which gave it unicorn status with a valuation of around $1.4 billion. Since its inception, the company has disbursed approximately $6.1 billion (178 billion Egyptian pounds) in loans and processed a payment volume of more than $5.1 billion (207 billion Egyptian pounds).
“Since beginning our story in 2009, we have built one of Egypt’s leading fintech ecosystems, delivering an integrated suite of financial services to underserved customers while maintaining attractive unit economics. As we enter this next phase, our track record of high growth and robust profitability positions us favourably to accelerate our strategy: broaden our product ecosystem, deepen customer engagement, fuel disbursement growth, leverage our proprietary technology and AI to drive sustainable operating leverage, and optimise our capital structure,” added Nakhla.
The MNT-Halan offering follows the December 2024 listing of United Bank, when Egypt’s central bank sold a 30% stake in the state-owned lender. The MNT-Halan listing is another sign of growing momentum in Egypt’s capital markets.
Ahead of the proposed IPO, Commercial International Bank (Egypt) has announced that it has entered into an investment agreement with MNT-Halan, under which the bank will purchase shares in the international offering for an aggregate investment amount of up to $38.23 million (2 billion Egyptian pounds).
“CIB continues its leading role in supporting Egypt’s non-bank financial services sector, which represents one of the important sources of financing for the Egyptian economy alongside the banking sector,” said Amr El Ganainy, Deputy Chief Executive Officer and Executive Board Member of CIB.
The committed investment from CIB is the biggest endorsement of MNT-Halan’s public offering and shows the strong momentum enjoyed by the FinTech company ahead of its public listing.
