Egyptian FinTech platform MNT-Halan has secured $400m in funding, making it the largest investment in Egypt and the Middle East over the past 12 months.
Investment firm Chimera Abu Dhabi deployed $200m in equity into MNT-Halan in exchange for a 20% stake. MNT-Halan is also in advanced stages to raise $60m of primary capital from international investors. With the close of the round, MNT-Halan’s valuation exceeds $1bn.
MNT-Halan also secured $140m through two securitisations through subsidiaries Tasaheel Microfinance Company and Halan Consumer Finance with Commercial International Bank.
Tasaheel securitised $100m of its loan book in the second issuance of its securitisation program, while Halan Consumer Finance securitised $40m of its loan book in its first securitisation since its start of operations in 2021.
The proceeds will be used to support the company’s growing loan book. MNT-Halan also has the capacity to securitise up to a further $250m in its securitisation program.
The capital injection will allow MNT-Halan to bolster its international growth efforts.
Founded in 2018, MNT-Halan offers a digital ecosystem, including business loans, consumer finance, payments and e-commerce. It boasts 1.3 million monthly active users.
MNT-Halan founder and CEO Mounir Nakhla said, “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.”
White & Case, Shearman and Sterling, Lexence, and Matouk Bassiouny & Hennawy served as legal advisors on the investment transactions.
The Egyptian FinTech company previously raised $120m in 2021. Investors included Development Partners International, Apis Growth Fund II and Lorax Capital Partners.