Unicorn Companies in Egypt in 2024
Egypt's journey into the world of unicorns has been amazing, driven by tech and fintech innovations. As the Middle East embraces new ideas, Egypt has seen a rise in unicorns thanks to key trends reshaping its startup scene.
The Egyptian government is also a strong supporter, launching initiatives like the ITIDA and 500 Global partnership to help nearly 200 startups, and creating Creativa Innovation Hubs to boost innovation. The Central Bank of Egypt’s fintech strategy shows a national commitment to financial inclusion, making a supportive environment for startups.
From rapid growth in startup funding to being recognised as one of Africa’s top startup ecosystems, Egypt's story is inspiring. Let's take a look at the unicorn companies in Egypt that are not just changing Egypt’s economy but also setting a global standard.
Rundown
S.No |
Name |
Valuation |
Date Joined |
City |
Industry |
|---|---|---|---|---|---|
1 |
Halan |
$1B |
2023-02-01 |
Cairo |
Financial Services |
2 |
Fawry |
$1.2B |
2019-02-10 |
Fawry |
Financial Services |
List of unicorn companies in Egypt
Halan
- Valuation: $1B
- Industry: Financial Services
- Investors: Middle East Venture Partners, Endeavor, Algebra Ventures
- Unicorn Milestone Date: 02/01/2023
About
MNT-Halan is a leading fintech startup, founded in 2017 by Mounir Nakhla and Ahmed Mohsen. As a prominent example of unicorn company in Egypt, it initially launched as a ride-hailing platform focusing on motorcycles and tuk-tuks. It has since evolved into a comprehensive financial super app. The company provides a wide range of financial services, including mobile payments, microfinance, and e-commerce, targeting the underbanked population in Egypt. MNT-Halan's mission is to revolutionise access to financial services and promote financial inclusion across the country.
Target Audience
MNT-Halan primarily targets:
- Underbanked and unbanked individuals in Egypt, providing them with access to financial services that were previously unavailable.
- Small and micro businesses needing financial support and digital payment solutions.
- Consumers looking for convenient and flexible payment options for everyday transactions.
Business Model
MNT-Halan operates on a multi-faceted business model that integrates various financial services into a single platform. The company generates revenue through:
- Lending Services: Offering microloans, nano loans, and SME financing. These loans cater to both personal and business needs, with a focus on underbanked populations.
- Payment Solutions: Providing mobile payment services, including peer-to-peer transfers and bill payments through the Halan app.
- Consumer Finance: Offering Buy Now, Pay Later (BNPL) options and other flexible payment plans for consumer purchases.
- E-commerce: Running an e-commerce platform with integrated financial services, allowing users to shop and pay using the Halan ecosystem.
- Securitisation: Raising funds through securitisation of its loan book, which has been highly rated by financial institutions, reflecting strong investor confidence.
Key Offerings
- Mobile Payments: Seamless transactions through the Halan app.
- Microfinance Loans: Small loans for personal and business use.
- Consumer Finance: BNPL options and flexible payment plans.
- E-commerce Platform: Online shopping with integrated financial services.
- Halan Card: A card that offers flexible payment options and access to investment opportunities.
- Financial Super App: A unified platform for various financial services, including savings, loans, and bill payments.
Key Management
Investment Timeline
- 2017: Founded and launched as a ride-hailing platform.
- 2018: Raised Series A funding of $4.3 million.
- 2019: Raised Series B funding of $15 million.
- 2021: Rebranded to MNT-Halan after a share swap with MNT Investments BV.
- 2023: Secured $400 million through securitisation issuances, achieving unicorn status.
Fawry
- Valuation: $1.2B
- Industry: fintech
- Investors: Egyptian-American Enterprise Fund, MENA Long-Term Value Fund, Helios Investment Partners
- Unicorn Milestone Date: 08/10/2019
About
Fawry is a leading e-payment and fintech company in Egypt, founded in 2008 by Ashraf Sabry. As one of the prominent unicorn companies in Egypt, Fawry offers a wide range of financial services, including electronic bill payments, mobile wallet services, and digital banking solutions. The company aims to simplify the payment process for Egyptians, making it easier and more efficient to pay for utilities, services, and other transactions.
Target Audience
Fawry primarily targets:
- Consumers: Individuals looking for convenient and efficient ways to pay bills and conduct financial transactions.
- Businesses: Companies needing reliable payment solutions and digital financial services.
- Financial Institutions: Banks and other financial entities seeking to integrate digital payment solutions.
Business Model
Fawry operates on a business model that leverages its extensive network of service points and digital platforms to provide a variety of financial services. The company generates revenue through:
- Transaction Fees: Charging fees for processing payments and transactions.
- Service Fees: Fees for additional services such as mobile wallet transactions, digital banking, and bill payments.
- Partnerships: Collaborating with banks, businesses, and other financial institutions to offer integrated payment solutions.
Key Offerings
- Electronic Bill Payments: Facilitating payments for utilities, telecom, and other services.
- Mobile Wallet Services: Offering a digital wallet for secure and convenient transactions.
- Digital Banking Solutions: Providing banking services through digital platforms.
- B2B Payment Solutions: Enabling businesses to manage and process payments efficiently.
- Credit Scoring and Lending: Offering credit scoring algorithms and direct digital SME lending solutions.
Key Management
- Ashraf Sabry: Founder and CEO