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Egypt’s largest IPO since 2021 opened for subscription this week, and it’s a fintech.
MNT-Halan is listing MNT Tech Holding, its Egyptian business, at EGP 24.5/ share, valuing the company at around $750 million. The base offering of 320 million existing shares (20% of the company) would raise about $150 million, with room to upsize to 25% if demand allows. Trading is planned to start on October 20.
MNT is going in with confidence. More than a third of the offering are already committed to two anchor investors: CIB and London-based Redwheel, and the price is set below what comparable companies trade at, giving new investors room to gain once trading starts. Mounir Nakhla, founder & CEO, says that the same listing would have raised just $30 to 40 million in early 2024.
It’s an important transaction. At a time when the Gulf’s IPO pipeline has slowed, MNT-Halan’s debut is a stress test for Egypt’s capital markets and a potential sign that foreign and institutional investors may be willing to re-engage with high-growth fintech in the region.
Elsewhere, NEOPAY agreed to acquire a 65% controlling stake in noon payments, erad raised a $22 million Series A led by MEVP, and tokenized deposits had a busy fortnight, with Mashreq completing a live transaction with Citi on Swift's blockchain ledger and Commercial Bank of Dubai becoming the first bank outside Europe to join the Commercial Bank Money Token network.
Here's all of it.
- Maria
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The Rundown
💸 Fundraises & Exits
NEOPAY agreed to acquire a 65% controlling stake in noon payments
MNT-Halan opened subscription for MNT Tech Holding’s $149m IPO, Egypt’s largest since 2021”
GlobalPay secured an investment for a 10% stake from angel investor Abdulaziz Al-Salloum
erad, Saudi-based SME financing platform, raised $22 million in Series A funding led by MEVP.
🚀 Partnerships and Product Launches
Huru joined forces with Paymentology for card processing, and BitPanda Enterprise for buying, selling and holding digital assets
MoneyHash partnered with VaultsPay, expanding the payment capabilities businesses can access through MoneyHash’s unified infrastructure
Fasset and Korea’s NEXUS signed an MoU to explore infrastructure for stablecoins linked to the UAE dirham and the Korean won
NymCard partnered with earned wage access platform, Abhi, to support UAE-based financial institutions offer credit to SMEs
Aljazira Bank signed an agreement with Thunes to use its Direct Global Network for cross-border transfers
Nawy Shares, Egypt-based fractional real estate investing platform, partnered with CI Capital Asset Management to manage regulated real estate investment funds
🏛️ Policy & Regulation
The UAE Financial Intelligence Unit and the Virtual Assets Regulatory Authority signed an MoU to tackle financial crime involving virtual assets
The UAE Central Bank (CBUAE) and the Central Bank of Syria entered into an agreement on payment systems, monetary policy, cash management and financial technology
CBUAE partnered with Bank Al-Maghrib, Morocco’s Central Bank, on banking supervision, Islamic finance as well as links between national payment and financial messaging systems
Vault Wealth Limited is fined by the Dubai Financial Services Authority for providing financial services in the Dubai International Financial Centre (DIFC) without authorization
Egypt’s Financial Regulatory Authority updated its underwriting and pricing rules for credit and guarantee insurance
DIFC approved China Securities’ license to establish a regional office in Dubai
The Central Bank of Oman introduced its National Fintech Strategy
The Dubai Multi Commodities Center launched its Foundations Regulations, allowing HNW individuals, family offices and entrepreneurs to hold and manage assets
Djezzy, Algerian telco, received initial authorization from the Bank of Algeria to launch Djezzy Payment Services.
🗂️ Other News
Wio Bank signed its cards up to Mastercard Click to Pay, allowing its customers to pay online without typing in their card details
Ant International extended its tokenized deposit work with HSBC to the Middle East
Mashreq Bank completed a live transaction with Citi on the Swift blockchain ledger
Commercial Bank of Dubai joined the Commercial Bank Money Token network, becoming the first lender outside Europe to take part
Citi expanded its blockchain-based liquidity product, Citi Token Services, into Japan and the UAE
UAE-HQ crypto exchange, Bybit, launched a global brand campaign, “Make your Move,” to mark its next move beyond crypto trading
Temasek shared plans to set up offices in Riyadh and Abu Dhabi in the first half of 2027.
Fun Stuff
🤓 Trivia of the week
Before MNT-Halan became one of Egypt's biggest fintechs, Halan was known for something else entirely. What was it?
(Answer at the bottom of the issue.)
Editor’s Picks
That’s the last 2 weeks of fintech news from around the Middle East and North Africa for you.
Until next time, salam ✌🏼
1 Trivia Answer: Hailing tuk-tuks. Halan launched in 2017 as a ride-hailing app for tuk-tuks and motorbikes in Egypt's underserved neighborhoods, before merging with Mounir Nakhla's microfinance business and building out lending, payments and e-commerce. Nine years later, the company that started with tuk-tuks is pulling off Egypt's largest IPO in five years.
