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Development finance institution Norfund participated in the growth of Egyptian fintech company MNT-Halan through its investment in a fund managed by Development Partners International (DPI).
MNT-Halan’s Egyptian business listed on the Cairo stock exchange in October, in the country’s largest initial public offering since 2021.
Norfund committed $40 million to African Development Partners III (ADP III) in 2019, and the fund invested in MNT-Halan in 2021. Writing on LinkedIn, Norfund said investing through funds such as ADP III “lets us reach companies we could never find or follow up on our own”.
In 2018, the Egyptian start-up had 400,000 customers, most of them people no bank would lend to. Since the fund’s investment, it has grown into a regional fintech platform with 10 million customers across Egypt, Turkey, the United Arab Emirates and Pakistan, offering financial services to people who are unbanked or underserved.
MNT-Halan is the third DPI portfolio company to list within 18 months, after Optasia in Johannesburg, South Africa, and CMGP Group in Casablanca, Morocco.
In December, Norfund committed a further $25 million to DPI’s next fund.
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