Egypt-based fintech company MNT-Halan made it public on Wednesday that it has secured a total of $400 million in finances from local and global investors, including $260 million in equity funding part of which was provided by Abu Dhabi–based Chimera Investments and $140 million in debt through two securitized bond issuances, making the company the best-funded start-up in the country. The financial company was founded in 2017 by finance expert and businessman Mounir Nakhla and serial entrepreneur and tech expert Ahmed Mohsen. Created with the aim to become Egypt’s leading FinTech application by catering to underbanked and underserved digital groups.
The $200 million came from selling an equity stake of at least 20 percent of MNT-Halan to the UAE-based private equity company Chimera Abu Dhabi, while the remaining $60 million were secured in primary capital from international investors that include the World Bank’s finance arm the International Finance Corporation (IFC).
Reflecting on the huge equity raise, Co-founder, Nakhla said “MNT-Halan continued where it left off and is presently Egypt’s largest lender to the unbanked: Total loans disbursed now exceed $2 billion per the company’s website (MNT-Halan issued loans north of $65 million last month).”
Halan plans to expand globally after solid growth in Egypt in addition to entering the grocery shopping sector.
According to the company’s statement, with these investments, MNT-Halan’s valuation will surpass $1 billion.
Founder and CEO of MNT-Halan Mounir Nakhla said that as one of the region’s premier and most progressive investors, Chimera Abu Dhabi brought a unique and dedicated understanding of its 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,” according to Nakhla.
Meanwhile, CEO OF Chimera Abu Dhabi Seif Fikry noted that he is thrilled to be part of Egypt’s greatest fintech success story, adding that 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 is a fintech company that provides digital banking services, including digital payment solutions such as mobile wallets and cards.
MNT-Halan has an unparalleled buy now, pay later (BNPL) E-commerce platform for home appliances and the fast-moving consumer goods (FMCG) sector.
Egypt came first in the Middle East and North Africa (MENA) region in terms of the funds the region’s startups secured in December with a total of $45.7 million, UAE-based startups accelerator Wamda said in its monthly report released in January.
