MNT-Halan acquires $340m in equity, debt funding

MNT-Halan, an Egyptian fintech company, has emerged as the best-funded start-up in the country after securing $200 million in equity funding and $140 million in debt. Initially starting as a ride-hailing app for two- and three-wheeler vehicles in 2018, MNT-Halan has evolved into a super app of sorts and become the largest and fastest-growing lender to the unbanked in Egypt.

The company’s fintech ecosystem comprises of a consumer-facing app, merchant app, distributed lending and payment processing software, payment solutions and other services such as ride-hailing and logistics. This ecosystem connects customers, vendors and micro-enterprises.

In September 2021, MNT-Halan secured a $120 million investment from major global and regional growth investors. The latest equity capital of $200 million was received from Chimera Abu Dhabi, a private investment firm managing a diverse portfolio of listed and unlisted equities. The investment amounts to over 20% of the company and MNT-Halan is in advanced stages of discussions to raise an additional $60 million in primary capital. Following the completion of these investments, the company’s valuation is expected to exceed $1 billion.

MNT-Halan has also announced two securitizations worth $140 million through its subsidiaries Tasaheel Microfinance Company and Halan Consumer Finance with Commercial International Bank. The offerings, which were over-subscribed, reflect the high quality, diversity, and granularity of the combined securitized loan books. The proceeds will be used to fund the company’s growing loan book in light of the increasing demand in the current inflationary environment. MNT-Halan has the capacity to securitize up to $250 million in its securitization program.

Mounir Nakhla, Founder and CEO of MNT-Halan, stated that Chimera Abu Dhabi’s support is of significant importance to the company’s strategy. He expressed excitement for the future as the company continues to grow by offering cutting-edge financial products and services to empower the underserved. Seif Fikry, CEO of Chimera Abu Dhabi, expressed delight in being a part of Egypt’s greatest fintech success story and acknowledged MNT-Halan’s upward trajectory and momentum.