Norway’s development finance institution, Norfund, has highlighted the success of its indirect investment in MNT-Halan, one of the Middle East and Africa’s fastest-growing fintech companies, through a private equity fund managed by Development Partners International (DPI).
The investment demonstrates how development finance institutions can support high-growth African businesses by partnering with specialist investment managers that have local market expertise and the ability to identify promising companies at an early stage.
Indirect Investment Through DPI Fund
Norfund committed US$40 million in 2019 to African Development Partners III (ADP III), a private equity fund managed by DPI. Two years later, in 2021, ADP III invested in MNT-Halan, backing the Egyptian fintech’s growth strategy as it expanded its digital lending and financial services operations.
Reflecting on the investment, Norfund noted that investing through established private equity funds such as ADP III allows it to access businesses that may otherwise be difficult to identify, evaluate, and support directly.
According to Norfund, partnerships with experienced fund managers provide access to high-potential companies while enabling broader development impact across emerging markets.
From 400,000 Customers to a Regional Fintech Platform
MNT-Halan’s growth since receiving institutional investment has been significant.
In 2018, the company served approximately 400,000 customers, most of whom had little or no access to traditional banking services. The business focused on providing digital financial solutions to underserved consumers and small businesses that were often excluded from formal credit systems.
Since then, MNT-Halan has transformed into a major regional fintech platform serving approximately 10 million customers across multiple markets, including:
- Egypt
- Turkey
- United Arab Emirates (UAE)
- Pakistan
The company’s services are designed to improve financial inclusion by providing access to:
- Digital payments
- Consumer lending
- Business financing
- Savings products
- Other financial services targeted at unbanked and underbanked populations
Its rapid expansion reflects growing demand for alternative financial services across emerging markets, where large portions of the population remain outside the traditional banking sector.
Landmark Cairo Stock Exchange Listing
A major milestone in MNT-Halan’s growth journey came in October, when the company listed its Egyptian operations on the Cairo Stock Exchange.
The transaction was particularly significant because it represented Egypt’s largest initial public offering (IPO) since 2021, underscoring investor confidence in both the company and the broader fintech sector.
The public listing provides MNT-Halan with additional access to capital markets while offering existing investors an opportunity to realize value from their early investments.
For DPI and its investors, including Norfund, the IPO serves as a notable validation of the company’s growth trajectory and business model.
Third DPI Portfolio Company to Go Public in 18 Months
MNT-Halan’s stock market debut also highlights DPI’s recent track record of preparing portfolio companies for public market listings.
The Egyptian fintech became the third DPI-backed company to list on a stock exchange within an 18-month period.
Previous DPI portfolio companies to complete public listings include:
- Optasia, which listed in Johannesburg, South Africa
- CMGP Group, which listed in Casablanca, Morocco
The successful exits demonstrate increasing maturity within African private equity markets, where investors are increasingly able to access liquidity through local stock exchanges rather than relying solely on trade sales or secondary transactions.
Norfund Reinforces Commitment to DPI
Following the success of ADP III and its portfolio companies, Norfund has continued to support DPI’s investment strategy.
In December, the development finance institution committed an additional US$25 million to DPI’s next investment fund, further strengthening a partnership focused on backing high-growth businesses across Africa.
The follow-on commitment reflects confidence in DPI’s ability to identify scalable companies that can generate both commercial returns and measurable development impact.
A Case Study in Financial Inclusion and Growth
MNT-Halan’s evolution from a startup serving 400,000 largely unbanked customers into a regional fintech platform with 10 million users illustrates the increasing role technology-enabled financial services are playing across emerging markets.
For Norfund, the investment also highlights the value of partnering with experienced private equity managers to support businesses that promote financial inclusion, expand access to credit, and create economic opportunities for underserved populations.
As MNT-Halan begins its next phase as a publicly listed company, its growth story stands as one of the most prominent fintech success stories to emerge from Egypt and one of the clearest examples of how development capital can help scale innovative businesses across Africa and other emerging markets.
