INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 30
Here are the venture funding activities we tracked in the Middle East and African region this week – including, Mnt-Halan, OTO, Mamo, TechMal, and Zyp Technologies.
MNT-Halan raises $157.5 million 17 months after becoming Egypt’s first unicorn
MNT-Halan, an Egyptian startup focused on digital banking for the unbanked, has raised $157.5 million in a new funding round led by the International Finance Corporation (IFC), with participation from Development Partners International (DPI), Lorax Capital Partners, Apis Partners LLP, Lunate, and GB Corp, bringing the startup’s total funding to $677.5 million over the past two years.
Founded in 2018 by Mountie Nakhla, MNT-Halan offers various services including lending, payments, consumer finance, and eCommerce. The company has served over 5 million clients through its tech and data-driven solutions, disbursed over $2.5 billion in loans, and processed more than $50 million in monthly sales through its eCommerce platform.
With the new funding, MNT-Halan plans to expand internationally, capitalizing on its recent acquisitions to build scale and market presence, including Advans Pakistan microfinance bank, a subsidiary of the international microfinance group Advans, providing immediate scale with over 62,000 clients and 19 branches, and Talabeyah, a B2B eCommerce platform which supplies FMCG products directly to small merchants and retailers with next-day delivery.
Other funding stories:
- OTO raises $8 million in Series A funding round led by Sanabil Investments.
- Mamo landed a $3.4 million investment in a funding round led by 4DX Ventures.
- TechMal closes a $1 million pre-seed investment round led by Al Majidiya Investment Company.
- Zyp Technologies raised $1.5 million in a pre-Series A round led by Shorooq Partners.
