Egypt’s leading financial technology groups are moving aggressively into asset management, securing licenses to launch real estate funds in a bid to capture capital fleeing high inflation for the security of bricks and mortar.
The shift marks a significant deepening of Cairo’s fintech market, where companies are evolving from payment processors and aggregators into regulated financial institutions capable of securitising assets.
The move comes after the Financial Regulatory Authority (FRA) approved a raft of new licenses for digital real estate investment funds (REIFs), creating a formal framework for fractional property ownership. Among the first to secure approval are MNT-Halan, the country’s first unicorn, and Thndr, the Y Combinator-backed investment platform.
For Egyptian households, real estate has long been the preferred hedge against currency devaluation. However, the asset class has traditionally been illiquid and accessible only to the wealthy.
“The aim is to lower the barrier to real estate investment,” said Mounir Nakhla, chief executive of MNT-Halan. His company has partnered with European asset manager Azimut to launch the ‘Halan-Azimut Real Estate Investment Fund’, the first digital platform for fractional ownership approved under the new regime.
The fund will allow retail investors to purchase units in a portfolio of residential and commercial properties via mobile applications. The board includes Ahmed Abu El Saad, Azimut’s Egypt CEO, and Hassan Allam, a prominent figure in the country’s construction sector, signalling an effort to bridge the gap between the digital economy and traditional developers.
Regulatory Sandbox
The rush to launch these funds follows the FRA’s Decision №3060 of 2023 and Resolution №125 of 2025, which established strict capital requirements and governance standards for digital asset managers.
The regulator has sought to bring a grey market of property investment platforms under formal supervision. The new approvals also cover factoring and investment fund management, with licenses granted to entities including BFI Cash and Okaz Asset Management.
Divergent Strategies
While the objective is consistent — unlocking real estate capital — companies are adopting different financial structures.
MNT-Halan and Thndr are pursuing an equity model, akin to a digital Real Estate Investment Trust (REIT), where returns are generated from rental yields and asset appreciation.
Conversely, Nawy, a proptech marketplace, is focusing on debt. In partnership with Synergy Capital, it recently closed an EGP 443mn ($9mn) mortgage-backed fund. The vehicle purchases portfolios of mortgages originated by Nawy, effectively recycling the company’s capital and allowing it to finance further home purchases.
“This fund proves how a proptech platform can directly shape financial innovation by bridging real estate with capital markets,” said Amr Malek, Nawy’s chief financial officer.
Capital Injections
The pivot to asset management is being supported by fresh venture capital. In May 2025, Thndr announced a $15.7mn Series A extension led by Prosus Ventures, bringing its total funding to nearly $38mn.
The company, which accounted for 82 per cent of new investor registrations on the Egyptian Exchange in 2024, plans to use the capital to expand its operational presence in the UAE and enter the Saudi market.
“We are doubling down on our investment,” said Sandeep Bakshi, Head of Investments for Europe at Prosus. “Thndr is transforming access to investing across MENA… building a product that resonates deeply with a new generation.”
For the FRA, the hope is that formalising these channels will provide a safe outlet for retail liquidity while offering real estate developers a new source of financing in a high-interest rate environment.