This financial boost will fuel the company’s expansion within South Africa and lay the groundwork for its international operations.

Plentify specializes in developing innovative smart energy solutions that make clean and affordable electricity accessible to all.

The company has created a suite of products that optimize energy consumption in homes through advanced hardware, artificial intelligence, and user-centric design.

The startup’s technology seamlessly integrates with household appliances, enabling them to operate during periods of peak energy generation while minimizing consumption during times of strain.

This approach not only reduces electricity bills but also contributes to a more sustainable energy grid.

“Our solution addresses a critical challenge faced by countries worldwide: the imbalance between energy demand and clean energy supply,” said Jon Kornik, co-founder, and CEO of Plentify.

The funding round attracted participation from both existing and new investors, including Third Sphere, TELUS Pollinator Fund for Good, Susquehanna Foundation, and Fireball Capital.

“Plentify’s groundbreaking technology has the potential to revolutionize the way we consume energy,” said Paras Patel, managing partner of E3 Capital. “We are thrilled to support a team that is committed to addressing pressing energy challenges through innovative and sustainable solutions.”

The investment, which includes a $40 million contribution from the International Finance Corporation (IFC), will bolster the company’s efforts to digitize financial services across new regions.

Founded in 2018, MNT-Halan has rapidly grown to serve over seven million customers in Egypt, disbursing more than $4.4 billion in loans.

The company’s digital ecosystem encompasses a wide range of financial services, including small and micro business lending, consumer finance, prepaid cards, e-wallets, savings, payments, and e-commerce.

The fresh capital injection follows previous funding rounds totaling $520 million, positioning MNT-Halan as a financial powerhouse in the region.

With this latest investment, the company aims to leverage its technological expertise and partnerships to replicate its success in new markets.

“Egypt remains our core market, but we are excited to extend our mission of financial inclusion to other countries,” said MNT-Halan founder and CEO Mounir Nakhla.

“This funding enables us to pursue strategic acquisitions and partnerships that will accelerate our regional growth.”

In addition to the IFC, other investors participating in the round include Development Partners International, Lorax Capital Partners, and funds managed by Apis Partners LLP, Lunate, and GB Corp.

The latest funding came months after MNT-Halan announced a $400 million investment to become Egypt’s first unicorn.