Fintech startup MNT-Halan raked in an impressive $400 million in a hybrid equity-debt financing round, propelling its post-money valuation to much-coveted billion-dollar unicorn status. Africa’s unicorn landscape had remained fallow since Nigeria’s Chipper Cash achieved a similar feat in November 2021, through a Series C extension led by FTX and totaling $150 million. The latest billion-dollar valuation shows the country’s potential as the new frontier of mega VC funding in Africa. MNT-Halan dates back to 2017, when co-founders Mounir Nakhla and Ahmed Mohsen initiated the development of a ride-hailing platform, simply known as Halan, in the vicinity of Zamalek, Giza. Within the first year of its market launch, the fledgling firm expanded its offerings to encompass both business-to-business (B2B) and business-to-consumer (B2C) on-demand logistics solutions. The company’s cutting-edge technology has enabled it to serve thousands of customers in Egypt, providing them with access to financial services that were previously unavailable.
SOURCE: QUARTZ AFRICA
More Stories
With ‘Banel & Adama,’ Ramata-Toulaye Sy Takes Her Place Among Cannes’ Top Names
The Lion Sleeps Tonight: One Song’s Journey from 1930s South Africa to Disney Money-Spinner
Radical Rethinking at Biennale: Africa and the Future Share Pride of Place
Designer Profile: Justin Van Breda
Chef Eric Adjepong Brings African Cuisine Into the Spotlight
Africa’s Most Mesmerizing Lodge Interiors
These Two African Islands are the Underrated Places to Travel this Summer
Five Must-visit Galleries in South Africa that Showcase the Country’s Cultural Tapestry
The Spice Island Unguja – Known to Most as Zanzibar – is a Scent Sensation
These are the Best Airlines on the Continent
The Challenges Facing the New Leader of Africa’s Largest Economy are Simply Enormous
Understanding the Opinions of Africa’s Rising Generation