Fintech MNT-Halan raises USD 400 million in a mega round in the Middle East
MNT-Halan, one of Egypt’s fastest growing fintechs, has announced the results of its latest funding campaign, raising $400 million to fuel its expansion strategy.
The fintech ecosystem received an investment of more than $200 million from Chimera Abu Dhabi in exchange for 20% of the company.
In addition, MNT-Halan is in advanced stages with leading international investors to raise $60 million in seed capital. After the completion of these investments, MNT-Halan’s valuation will exceed 1 billion dollars.
In a statement released by MNT-Halan, executives said the fintech had also announced two securitizations totaling $140 million through subsidiaries Tasaheel Microfinance Company (Tasaheel) and Halan Consumer Finance (Halan) with Commercial International Bank (CIB), Egypt’s largest private sector bank . Tasaheel has securitized $100 million of the loan book in the second issuance of the securitization program. Halan Consumer Finance has securitized $40 million of its loan book in its first securitization since inception in 2021.
Both issues were oversubscribed. The offerings reflect the high quality, diversity and granularity of the combined securitized loan books, consisting of 246,000 contracts and a robust repayment capacity. The proceeds will provide impetus to the company’s growing loan book, given the growing demand in light of the current inflationary environment. MNT-Halan has the capacity to further securitize up to $250 million in its securitization program.
MNT-Halan supports financial inclusion
MNT-Halan was launched in 2018 and was created to digitally bank the unbanked and replace cash with electronic solutions. With a diversified portfolio of services and innovative solutions; including digital payment solutions: mobile wallets and cards.
Fintech is committed to bringing seamless financial services to customers in Egypt and the surrounding region, and its digital ecosystem includes corporate lending, consumer finance, payments and e-commerce, all powered by Neuron, the company’s proprietary technology.
New market confidence in MNT-Halan
According to reports, the latest investment round shows continued confidence in MNT-Halan’s value proposition, management team and superior technology, and will also enable international growth.
The funding follows a $120 million investment in the third quarter of 2021 by other major global and regional growth investors, including Development Partners International (DPI), Apis Growth Fund II and Lorax Capital Partners.
Speaking about the latest investment campaign, Seif Fikry, CEO of Chimera Abu Dhabi, 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.”
Founder and CEO of MNT-Halan, Mounir Nakhla, explained: “As one of the region’s foremost and most progressive investors, Chimera Abu Dhabi brings a unique and dedicated understanding of our business.
“Having the support of Chimera Abu Dhabi is a significant support for the execution of our strategy. The timing of the transaction is also a testament to our ability to significantly grow our revenue and open new revenue streams while growing our bottom line, despite the macroeconomic situation.”
He added: I am excited about 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.”
