Egyptian fintech platform MNT-Halan has landed $400 million worth of investment, which it claims to be the largest amount of funding across Egypt and the Middle East over the past 12 months.
MNT-Halan received a $200 million investment from Chimera Abu Dhabi in exchange for over 20% of the company and the firm is also in “advanced” talks with international investors to raise a further $60 million of primary capital.
Once these investments have been completed, MNT-Halan will be worth more than $1 billion, the firm says.
The company also announced two securitisations totalling $140 million through subsidiaries Tasaheel and Halan with Commercial International Bank (CIB), Egypt’s largest private sector bank.
This latest injection of capital comes after a $120 million investment in September 2021 by investors including Development Partners International (DPI), Apis Growth Fund II and Lorax Capital Partners.
MNT-Halan founder and CEO Mounir Nakhla says: “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.”
MNT-Halan connects customers, vendors and micro-enterprises through its consumer and merchant-facing apps, distributed lending and payment processing software, and payment solutions.
The fintech’s digital ecosystem includes business loans, consumer finance, payments and e-commerce.