MNT-Halan, a Cairo, Egypt-based fintech company, raised $400m in funding.
The round included:
─ Chimera Abu Dhabi, which invested more than $200m in equity in exchange for over 20% of the company.
─ US $140m through two securitized bond issuances through subsidiaries Tasaheel Microfinance Company (Tasaheel) and Halan Consumer Finance (Halan) with Commercial International Bank (CIB), Egypt’s largest private sector bank. In addition to CIB, 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. Tasaheel has securitized $100m of its loan book in the second issuance of its securitization program. Halan Consumer Finance has securitized $40m of its loan book in its first securitization since its start of operations in 2021.
─ Additional $60m of primary capital from international investors to be closed.
Following the completion of these investments, MNT-Halan’s valuation will exceed $1 billion.
The proceeds will accelerate the company’s growing loan book, considering the increasing demand in light of the current inflationary environment.
Led by co-founders Mounir Nakhla, CEO, and Ahmed Mohsen, CTO, MNT-Halan is a fintech ecosystem, which includes business loans, consumer finance, payments and e-commerce, all of which are backed by Neuron, the company’s proprietary technology. With 1.3 million monthly active users, the company serves more than 5 million customers in Egypt, of which 3.5 million are financial clients and over 2 million are borrowers. MNT-Halan has obtained the micro, SME, consumer, and nano finance licenses from the Financial Regulatory Authority enabling it to provide services to both businesses and consumers across Egypt. It has also obtained the first independent electronic wallet license from the Central Bank of Egypt to disburse, collect and transfer money digitally through mobile applications.
FinSMEs
01/02/2023