MNT-Halan, an Egyptian fintech serving the country’s unbanked population, has raised close to $ 340 million via debt and equity financing.
It has been reported that 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.
However, 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.
Seif Fikry, the CEO of MNT-Halan, 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.”
The report said that 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.”
Thus, according to a Techcrunch report, MNT-Halan’s $1 billion-plus valuation “makes it Egypt’s only private billion-dollar company.”
Source: Bitcoin.com