• MNT-Halan, an Egyptian fintech company, announced that it had secured over $340 million via debt and equity financing and expects to raise an additional $60 million from international investors.
• The funding round has seen MNT-Halan’s valuation increase to over $1 billion, making it the country’s “only private billion-dollar company.”
• Chimera Abu Dhabi invested more than $200 million in return for equity equivalent to over 20% of the company.
Egyptian Fintech MNT-Halan Secures Funding
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, making it Egypt’s only private billion-dollar company.
Chimera Abu Dhabi Investing Over $200 Million
Chimera Abu Dhabi, a private investment firm that oversees a portfolio consisting of listed and unlisted equities, invested more than $200 million in return for equity equivalent to over 20% of the company. Seif Fikry, CEO of Chimera Abu Dhabi commented on their investment: “We are thrilled to be part of Egypt’s greatest fintech success story.” Meanwhile, Mounir Nakhla Founder and CEO at MNT-Halan touted Chimera Abu Dhabi’s backing and the timing of the investment as proof of its confidence in his startup.
$140 Million Capital Secured Via Bonds
The remaining capital was secured via two securitized bond issuances. Tasaheel Microfinance Company issued a securitization program worth $100 million; meanwhile Halan Consumer Finance issued a securitization worth 40 million since its start up in 2021.
MNT Halan Aims To Serve Unbanked Population
MNT-Halan aims to serve Egypt’s unbanked population by infusing technology into traditionally high touch businesses while increasing product depth for its target customer segment. The latest funding allows them to continue providing financial services such as mobile payments processing and digital banking solutions across Egypt without any limitations or restrictions imposed by traditional banks or financial institutions.
The latest fundraising round shows confidence in Egypt’s tech industry and further demonstrates how technology can help improve access to financial services for those who have been underserved or excluded from traditional banking systems due to financial constraints or lack of infrastructure in certain parts of the country .