Egypt Daily News – MNT (Halan), the Egyptian startup, is set to surpass a financing portfolio of $1 billion before the end of 2024, as announced by founder and CEO Mounir Nakhleh during a press conference in Cairo.
The company has applied to the Egyptian Financial Supervision Authority for new licenses that will enable them to engage in financial leasing, factoring, real estate financing, and investment funds, although details regarding the size and nature of these licenses were not disclosed.
In July 2023, Halan secured $157.5 million in financing, comprising $40 million from the International Finance Corporation (IFC) and $117.5 million from Development Partners International and Lorax Capital Partners.
Nakhleh indicated that a significant portion of this recent funding went towards acquiring full ownership of Tam Finans, a Turkish firm specializing in financing and factoring. Notably, the deal allowed the Turkish company’s owners to acquire around 10% of Halan.
Founded in 2017, Halan operates as a financial technology company aimed at providing accessible financial solutions for small businesses and individuals, bypassing traditional banking procedures. The company currently serves over 7 million customers across Egypt.
Looking ahead, Halan is exploring potential expansion into new markets, including Saudi Arabia as well as various African and Asian countries over the next two years. Following its recent financing round, the company expressed intentions to focus its expansion efforts outside of Egypt.
Since its inception, Halan has raised approximately $680 million in total, with prior funding rounds of $400 million in February 2023 and $120 million in 2021. Nakhleh also mentioned that the possibility of listing the company’s shares on the stock exchange is being considered, although he dismissed the idea of acquiring additional companies within Egypt at this time.
