Egyptian FinTech MNT-Halan becomes unicorn with $400m fresh funding
By Gloria Methri
MNT-Halan, one of Egypt’s fastest-growing FinTech ecosystems, has announced that Chimera Abu Dhabi has invested over $200 million in equity in exchange for over 20% of the company.
In addition, MNT-Halan is in the advanced stages with leading international investors to raise $60 million of primary capital. Following the completion of these investments, MNT-Halan’s valuation will exceed $1 billion.
This funding follows a $120 million investment in Q3 2021 by other major global and regional growth investors, including Development Partners International (DPI), Apis Growth Fund II, and Lorax Capital Partners.
Committed to bringing financial services to the unbanked and underbanked in Egypt and the surrounding region, MNT-Halan’s digital ecosystem includes business loans, consumer finance, payments, and e-commerce, all of which are backed by Neuron, the company’s proprietary technology.
Seif Fikry, CEO of Chimera Abu Dhabi, 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.”
MNT-Halan Founder and CEO, Mounir Nakhla, added, “As one of the region’s premier and most progressive investors, Chimera Abu Dhabi brings a unique and dedicated understanding of our business. Having the backing of Chimera Abu Dhabi is of significant support to the execution of our strategy. The timing of the transaction is also a testament to our ability to significantly increase our revenues and open new revenue streams while growing our bottom line, despite the macro-economic situation. I am excited for what lies ahead as we continue to grow both organically and inorganically by offering cutting-edge financial products and services locally and internationally to empower the underserved.”
The company also announced two securitizations totalling $140 million through subsidiaries Tasaheel Microfinance Company (Tasaheel) and Halan Consumer Finance (Halan) with Commercial International Bank (CIB), Egypt’s largest private sector bank.
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March 24, 2023
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