Egyptian Fintech MNT-Halan Secures $400 Million in Funding, Valuation Rises to Over $1 Billion
Egyptian fintech MNT-Halan announced on Feb. 1 that it had raised over $340 million via debt and equity and it expects to raise an additional $60 million from leading international investors. The latest funding round sees MNT-Halan’s valuation rise to over $1 billion which reportedly makes it the country’s “only private billion-dollar company.” ‘Egypt’s Greatest Fintech Success Story’
MNT-Halan, an Egyptian fintech serving the country’s unbanked population, announced on Feb. 1 that it had raised close to $ 340 million via debt and equity financing. The fintech also said it is “in the advanced stages with leading international investors to raise $60 million of primary capital.” This will bring the total capital secured to over $400 million.
At the completion of this funding round, MNT-Halan’s valuation will subsequently rise to over $1 billion, the fintech said. According to a statement, Chimera Abu Dhabi, a private investment firm that oversees a portfolio consisting of listed and unlisted equities, invested more than $200 million. In return, Chimera Abu Dhabi was awarded equity equivalent to over 20% of the company. Commenting on Chimera Abu Dhabi’s investment, Seif Fikry, the investment firm’s CEO 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 realization 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.
For his part, Mounir Nakhla, the founder and CEO of MNT-Halan touted Chimera Abu Dhabi’s backing and the timing of the investment as proof of the latter’s confidence in the fintech startup.
Meanwhile, the statement revealed that the remaining $140 million capital was secured via two securitized bond issuances. Tasaheel Microfinance Company, one of the two MNT-Halan subsidiaries, has securitized $100 million of its loan book in the second issuance of its securitization program. Halan Consumer Finance, on the other hand, has “securitized $40 million of its loan book in its first securitization since its start of operations in 2021.”
According to a Techcrunch report, MNT-Halan’s $1 billion-plus valuation “makes it Egypt’s only private billion-dollar company.”
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Tags in this story Chimera Abu Dhabi, Fintech, MNT-Halan, Mounir Nakhla, Seif Fikry, unbanked population
What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Ghanaian and Nigerian Central Bank Open Respective Regulatory Sandbox Application Processes FINTECH | 7 days ago Saudi Central Bank Says Ongoing CBDC Experiment Focused on Domestic Wholesale Use Cases FINTECH | Jan 27, 2023
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