Egyptian Fintech MNT-Halan Secures $400M in Funding, Valuation Rises to Over $1B – Fintech Bitcoin News
Egyptian fintech MNT-Halan announced on February 1 that it had raised over $340 million via debt and equity and 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, reportedly making it the country’s “only private billion-dollar company.”
“Egypt’s Biggest Fintech Success Story”
MNT-Halan, an Egyptian fintech serving the country’s underserved population, announced on February 1 that it had raised close to $340 million via debt and equity financing. The fintech also said it is “in advanced stages with leading international investors to raise $60 million in seed capital.” This will bring the total secured capital to over 400 million dollars.
Upon completion of this funding round, MNT-Halan’s valuation will subsequently rise to over $1 billion, the fintech said. Chimera Abu Dhabi, a private investment firm that oversees a portfolio of listed and unlisted stocks, has invested more than $200 million, according to a statement. 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 managing director, said:
We are thrilled to be part of Egypt’s biggest fintech success story. MNT-Halan’s upward trajectory and momentum reflects the management team’s realization of its extraordinary vision to transform a high-touch business by seamlessly adding a unique proprietary technology platform while increasing product depth for its target customer segment.
Mounir Nakhla, the founder and CEO of MNT-Halan, for his part, touted Chimera Abu Dhabi’s support and the timing of the investment as evidence of the latter’s confidence in the fintech startup.
Meanwhile, the statement revealed that the remaining capital of $140 million was secured via two securitized bond issues. Tasaheel Microfinance Company, one of the two MNT-Halan subsidiaries, has securitized $100 million of its loan book in the second issuance of the securitization program. Halan Consumer Finance, on the other hand, has “securitized $40 million of its loan book in its first securitization since inception in 2021.”
According to a Techcrunch report, MNT-Halan’s $1 billion valuation “makes it Egypt’s only private billion-dollar company.”
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