FinTech startups in the Middle East and North Africa MENA region continue to thrive as they empower and democratize finance for customers and underserved SMEs, while the US and Europe are still struggling to raise new funding due to the ongoing economic slowdown.
The company has a post-money valuation of over $1 billion, which makes it a member of our highly-coveted 2023 unicorn startups.
The round, which was backed by local and global investors, includes $260 million in equity financing and $140 million in bond issuances secured within the past year. A large portion of the money came from Chimera Abu Dhabi, which invested more than $200 million in equity in exchange for over 20% of the company.
MNT-Halan will use the funding proceeds to speed up its growing loan book, considering the increasing demand in light of the current inflationary environment. MNT-Halan has the capacity to securitize up to $250 million in its securitization program.
MNT-Halan is one of Egypt's fastest-growing fintech companies that are committed to bringing seamless financial services to the unbanked and underbanked customers in Egypt and the surrounding region, founded in 2017 by CEO Mounir Nakhla and Ahmed Mohsen. MNT-Halan s digital ecosystem includes business loans, consumer finance, payments and e-commerce, all of which are backed by Neuron, the company s proprietary technology.
MNT-Halan said the investments demonstrate continued confidence in its value proposition, management team, and superior technology. After strong growth in Egypt and progress on the swap agreement between the super app Halan and the Netherlands-based microlending platform MNT Investments, the company plans to expand internationally.
Seif Fikry, CEO of Chimera Abu Dhabi, said we are thrilled to be part of Egypt's greatest fintech success story. MNT-Halan's upward trajectory and momentum reflect the management team's vision to transform a high-touch business by seamlessly infusing an unparalleled proprietary tech platform while increasing product depth for its target customer segment. MNT-Halan founder and CEO Mounir Nakhla said, As one of the region's premier and most progressive investors, Chimera Abu Dhabi brings a unique and dedicated understanding of our business. Our strategy is supported by having the backing of Chimera Abu Dhabi. The timing of the transaction shows our ability to increase revenues and open new revenue streams while growing our bottom line, despite the macroeconomic situation.