MNT-Halan, one of Egypt’s fastest-growing fintechs, has received $400m in fresh funding. After the completion of additionally discussed investments, MNT-Halan’s valuation will exceed $1 billion
MNT-Halan, Egypt’s largest and fastest-growing lender to the unbanked and underbanked, has raised up to $400 million in equity and debt financing from local and global investors, now valued at $1 billion.
Chimera Abu Dhabi has invested over $200 million in equity in exchange for over 20% of the company’s stock. Another $60 million of primary capital is in the advanced discussion stages with leading international investors.
The round also includes $140 million through two securitized bond issuances secured within the past year 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 its loan book in the second issuance of its securitization program.
The fresh funding follows a $120 million investment in Q3 2021 by other major growth investors, including Development Partners International (DPI), Apis Growth Fund II, and Lorax Capital Partners.
Since its founding in 2018, MNT-Halan has developed a digital ecosystem which includes business loans, consumer finance, payments, mobile wallets and cards, payroll lending, light-vehicle financing, and the BNPL e-commerce platform for home appliances and the FMCG sector, all backed by Neuron, the company’s proprietary technology.
The company claims it was the largest funding round in Egypt and the Middle East in the past 12 months.
Using the new funding, the company plans to expand internationally after progress on the swap agreement between super app Halan and Netherlands-based microlending platform MNT Investments.