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.”
Register your email here to get a weekly update on African news sent to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin-Tidings.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.