Egyptian financial service provider MNT-Halan, secured $400 million in equity and debt financing from local and global investors as it strives to serve the underbanked and unbanked customers in the country.
The funding consisted of $260 million in equity financing and $140 million in securitized bond issuances over the past year, giving MNT-Halan a post-money valuation of approximately $1 billion.
A considerable portion of the equity, around $200 million, was contributed by Chimera Investments based in Abu Dhabi in exchange for 20% ownership of the digital lender and e-commerce platform.
The company is currently in the process of raising an additional $60 million in capital and it is expected that the remaining financing will come from existing shareholders.
The IFC recently announced an investment of $40 million in the company, although MNT-Halan declined to comment.
Demonstrate continued confidence in its value proposition, management team, and superior technology. The company also plans to expand internationally after solid growth in Egypt and progress on the swap agreement between super app Halan and Netherlands-based microlending platform MNT Investments.MNT-Halan
Additionally, the company has plans to expand internationally after its success in Egypt and progress with the swap agreement between its super app Halan and MNT Investments based in the Netherlands.
In 2021, the company raised $120 million from private equity firms and venture capitalists, including Apis Growth Fund II, Development Partners International, Lorax Capital Partners, and Middle East Venture Partners.
With over 4 million served and $1.7 billion worth of loans disbursed since its inception, MNT-Halan has become Egypt’s largest lender to the unbanked.
Currently, the company’s website reports that the total loans disbursed exceed $2 billion, with an average loan amount of $1,000 and an interest rate of 25% annually.
Last year, MNT-Halan secured two securitizations totalling $140 million, which has fueled its special lending operations; it was achieved through its subsidiary Tasaheel, working with the Commercial International Bank (CIB) and other regional and local financial institutions.