Egyptian fintech MNT-Halan Reported on Monday that it had raised over $340 million through equity and debt capital. The company also expects to garner an additional $60 million from high profile international investors. This funding round will push MNT-Halan’s overall valuation to over $1 billion, making it the only billion-dollar private firm in the nation.
‘Egypt’s Most Notable Fintech Success’
MNT-Halan, a leading Egyptian fintech, was launched to address the country’s unbanked populace. On Monday, it revealed that it had secured nearly $340 million in debt and equity financing. Furthermore, the fintech also mentioned that it was “in advanced discussions with major international investors to raise $60 million of fresh capital.” This would bring the total capital raised to over $400 million.
After the completion of the funding round, MNT-Halan’s valuation will jump to more than $1 billion. According to a press release, Chimera Abu Dhabi, a portfolio of listed and unlisted companies that a private investment firm oversees, injected more than $200 million into the firm. In exchange, Chimera Abu Dhabi was granted shares exceeding 20% of the company. Commenting on the Chimera Abu Dhabi investment, Seif Fikry, CEO of the investment firm, stated:
We are delighted to be part of Egypt’s most notable fintech success. As MNT-Halan’s management team realizes its remarkable vision to transform a high touch industry, it has created a seamless platform of unrivaled expertise and increased product depth for its target customers. This is reflected in its upward trajectory.
For his part, Mounir Nakhla, MNT-Halan’s founder and CEO, hailed Chimera Abu Dhabi’s confidence in the fintech startup, noting that the timing of the investment and endorsement are evidence thereof.
The statement also noted that $140 million of principal was secured through two securitized bonds issues. Tasaheel Microfinance Company, one of MNT-Halan’s two subsidiaries, secured $100 million of its loan book in the second issue of its securitization program. Halan Consumer Finance, on the other hand, securitized $40 million of its loan book in its first securitization since the start of operations in 2021.
As per a Techcrunch report, MNT-Halan’s $1 billion-plus valuation “makes it Egypt’s only $1 billion private company.”
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