Egyptian Fintech MNT-Halan Gets Unicorn Badge With US$400 Million Raiseby Fintechnews Africa 1 February 2023
Egyptian fintech MNT-Halan announced that it has raised up to US$400 million in equity and debt financing, pushing its valuation to over US$1 billion.
The funds came from Chimera Abu Dhabi which has invested more than US$200 million in equity in exchange for over 20% of the company.
Additionally, MNT-Halan said that it is in advanced stages with other unnamed international investors to raise US$60 million of primary capital.
This follows a US$120 million investment in Q3 2021 by other major global and regional growth investors, including Development Partners International (DPI), Apis Growth Fund II, and Lorax Capital Partners.
The company also announced two securitisations totaling US$140 million through subsidiaries Tasaheel Microfinance Company (Tasaheel) and Halan Consumer Finance (Halan) with Commercial International Bank (CIB), Egypt’s largest private sector bank.
MNT-Halan’s offerings include business loans, consumer finance, payments and e-commerce, all of which are backed by Neuron, the company’s proprietary technology.
Seif Fikry, CEO of Chimera Abu Dhabi said,
“We are thrilled to be part of Egypt’s greatest fintech success story.
MNT-Halan’s upward trajectory and momentum reflect the management team’s realisation of its extraordinary vision to transform a high touch business by seamlessly infusing an unparalleled proprietary tech platform while increasing product depth for its target customer segment.”
Mounir Nakhla, Founder and CEO, MNT-Halan added,
“Having the backing of Chimera Abu Dhabi is of significant support to the execution of our strategy. The timing of the transaction is also a testament to our ability to significantly increase our revenues and open new revenue streams while growing our bottom line, despite the macro-economic situation.
I am excited for what lies ahead as we continue to grow both organically and inorganically by offering cutting edge financial products and services locally and internationally to empower the underserved.”
This article first appeared on Fintech News Middle East.
Featured image credit: MNT-Halan’s co-founders Mounir Nakhla, CEO, and Ahmed Mohsen, CTO