Egypt FinTech MNT-Halan Plans Cairo IPO at Up to $1B Valuation

MNT-Halan, the Egyptian digital banking and lending platform, is preparing for an initial public offering in Cairo that could value its domestic operations at $900 million to $1 billion. The IPO could come as soon as this year, Bloomberg News reported Wednesday, citing sources familiar with the plans.

The company, which also operates in Turkey, the United Arab Emirates and Pakistan, is working with Citigroup and EFG Hermes on the listing and has already met with investors. The offering would cover only the Egyptian unit; the international businesses would remain outside the listed entity, the sources said.

A spokesperson for MNT-Halan told Bloomberg no decision had been made on the IPO and that the company continued to assess strategic alternatives and possible listing venues.

The plan follows a $400 million funding round in 2023 that gave MNT-Halan unicorn status at a $1.4 billion valuation. The gap between that private valuation and the $900 million to $1 billion target for the Egyptian unit is worth noting. It suggests the market is pricing in risks tied to Egypt’s currency devaluation, inflation and the broader regional investment climate.

Middle East FinTech investment has split into two tracks, said Jeff Barrington, managing director at Windsor Drake. “The Middle East FinTech investment thesis has not collapsed. It has bifurcated.” Cross-border payment corridors connected to geopolitically exposed markets are under stress, Barrington said, and investors “have had to mark down assumptions, not just on near-term revenue but on regulatory continuity.”

MNT-Halan’s focus on Egypt’s domestic underbanked population – where the central bank has pushed financial inclusion and mobile wallet adoption – may insulate it from some of that cross-border pressure. The company’s core business is digital lending and payments for individuals and small businesses. PYMNTS Intelligence research has found that more than half of shoppers in Saudi Arabia and the UAE combine eCommerce and physical retail, with mobile wallets and embedded finance becoming standard. That adjacent demand could support growth in Egypt.

Global FinTech IPOs have been sparse since the 2021 boom. A successful MNT-Halan listing would give the company a public currency for acquisitions and employee incentives. A weak reception would signal that investors see limited growth runway in an economy still grappling with currency crisis and high inflation. The next real milestone is the filing of the prospectus with Egypt’s Financial Regulatory Authority.