MNT-Halan, the digital finance platform that became Egypt’s first fintech unicorn, is preparing to list a 20% stake in its Egyptian business on the Cairo stock exchange. The move represents a significant milestone for the North African startup ecosystem, marking one of the most anticipated public debuts for a home-grown technology company in the region.
The company, which has built a dominant position in lending and digital payments, is currently finalising the structural details for its initial public offering (IPO) on the Egyptian Exchange (EGX). According to people familiar with the matter, the 20% stake sale focuses specifically on the group’s Egyptian operations, which form the bedrock of its revenue and consumer ecosystem.
Founded by entrepreneur Mounir Nakhla, MNT-Halan achieved its unicorn status in early 2023 after securing more than $400 million in equity and debt financing. That funding round, led by Chimera Abu Dhabi, valued the company at over $1 billion. Since then, the platform has continued to scale its offerings, which now include microfinance, Buy Now Pay Later (BNPL) services, e-commerce, and digital wallet solutions.
MNT-Halan currently serves over 7 million customers in Egypt, with about 5 million being financial services users. By targeting the underbanked and unbanked segments of the population, the company has capitalised on Egypt’s significant digital gap. The decision to list 20% of the local business is seen as a move to provide liquidity to early investors while strengthening the company’s capital base for further domestic and regional expansion.
Deepening Market Liquidity and Investor Confidence
The proposed listing comes at a time when the Egyptian government is actively encouraging private sector participation in the capital markets. While recent focus has been on the privatisation of state-owned enterprises, the debut of a high-growth tech unicorn is expected to signal a new level of maturity for the EGX. Analysts suggest that the IPO could act as a barometer for institutional appetite for Egyptian technology assets amidst broader economic reforms.
The company’s growth trajectory has been marked by strategic acquisitions and an aggressive rollout of its technology stack. Beyond its core lending business, MNT-Halan has integrated logistics and e-commerce into its mobile application, creating a “super app” model that mirrors successful fintech giants in other emerging markets. This integrated approach has been a primary driver of its valuation and its ability to attract blue-chip international investors including Development Partners International (DPI), Lorax Capital Partners, and Apis Partners.
The Financial Regulatory Authority (FRA) in Egypt has introduced several reforms in recent years to simplify the listing process for technology-driven companies. These changes were designed to keep Egyptian startups from seeking primary listings on foreign exchanges, such as the NASDAQ or the London Stock Exchange. MNT-Halan’s decision to list its local business in Cairo suggests that these regulatory efforts are beginning to gain traction with the country’s largest tech players.
However, the IPO also serves a broader strategic purpose for the MNT-Halan group. While the Cairo listing handles the Egyptian subsidiary, the parent company has already begun an international expansion strategy. The group recently acquired a microfinance institution in Pakistan and has expressed interest in entering the Turkish market. By listing the Egyptian business, the group can separate its mature, cash-generating domestic operations from its higher-risk international expansion projects.
The success of the MNT-Halan IPO will be closely monitored by other regional tech leaders. Companies such as Fawry, which is already listed on the EGX, have shown that public markets can support high-growth fintechs, but MNT-Halan’s scale and unicorn status bring a different level of scrutiny. The offering will likely include a mix of secondary shares from existing investors and primary shares to raise new capital for the business.
In the coming months, the company is expected to submit its formal prospectus to the FRA and the EGX listing committee. If approved, the transaction will be one of the largest private-sector IPOs in Egypt in recent years. The timing of the actual float will depend on market conditions and the completion of regulatory audits, but the company remains committed to the 20% divestment as its primary path to the public markets.
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