Egyptian fintech MNT-Halan announced on February 1 that it had raised more than $340 million through debt and equity and expects to raise an additional $60 million from major international investors. In latest funding round, MNT-Halan’s valuation increases to over $1 billion, reportedly making it the country’s “only billion-dollar private company.”
‘Egypt’s Biggest Fintech Success Story’
MNT-Halan, an Egyptian fintech serving the country’s unbanked population, announced on February 1 that it had raised close to $340 million through debt and equity financing. The fintech also said that it is “in advanced stages with major international investors to raise $60 million of primary capital.” This will bring the total capital insured to more than $400 million.
Upon completion of this funding round, MNT-Halan’s valuation will subsequently increase to more than $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 stocks, invested more than $200 million. In return, Chimera Abu Dhabi received shares equal to more than 20% of the company. Commenting on the Chimera Abu Dhabi investment, Seif Fikry, chief executive of the investment firm, said:
We are delighted to be a part of Egypt’s biggest 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 technology platform while increasing product depth for its segment of target customers.
For his part, Mounir Nakhla, founder and CEO of MNT-Halan, touted Chimera Abu Dhabi’s endorsement and the timing of the investment as proof of the latter’s confidence in the fintech startup.
Meanwhile, the statement revealed that the remaining principal of $140 million was secured through two securitized bond issues. Tasaheel Microfinance Company, one of MNT-Halan’s two subsidiaries, 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 the start of operations in 2021.”
According to a Techcrunch reportMNT-Halan’s $1 billion-plus valuation “makes it Egypt’s only $1 billion private company.”
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