Egypt’s Fintech Ecosystem MNT-Halan Attracts $400M in Largest Funding in Egypt and Middle East in Past Year

MNT-Halan, Egypt’s “fastest growing” fintech ecosystem, announced that Chimera Abu Dhabi has invested more than $200 million in equity in exchange for over 20% of the company.

In addition, the company claims it is “in 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.”

These investments aim to “demonstrate continued confidence in MNT-Halan’s value proposition, management team and superior technology, and will also enable international growth.”

This latest investment round “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 seamless financial services to the unbanked and underbanked customers 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 andmost 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.”

Notably, the company also recently “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.”

As noted in the update, Tasaheel has “securitized $100 million of its loan book in the second issuance of its securitization program.”

As mentioned in the announcement, Halan Consumer Finance has “securitized $40 million of its loan book in its first securitization since its start of operations in 2021.” Both issuances were “over-subscribed.”

The offerings aim to “reflect the high quality, diversity, and granularity of the combined securitized loan books, consisting of 246,000 contracts and a robust cash pay-back ability.”

The proceeds will aim to “fuel the company’s growing loan book, considering the increasing demand in light of the current inflationary environment. MNT-Halan has capacity to further securitize up to c.$250 million in its securitization program.”

Both securitizations are “divided into four tranches, each of which have been rated Prime 1for the first three and A for the fourth by MERIS (Middle East Rating & Investor Service).”

In addition to CIB, the “participating regional and local financial institutions included Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait, Al Baraka Bank, Arab Africa International Bank, Agricultural Bank of Egypt, ABC Bank, NI Capital, National Bank of Egypt and the Housing and Development Bank.”

Sponsored Links by DQ Promote



Send this to a friend