MNT-Halan secures $400M from Abu Dhabi's Chimera, others; Valued at $1B
Egypt-based fintech startup MNT-Halan has raised $400 million funding from Abu Dhabi's Chimera Investments and other investors at a valuation of $1 billion.
, a fintech and ecommerce company based out of Egypt, has raised $400 million in funding from Abu Dhabi-based Chimera Investments and other local and global investors.
The round comprises of $260 million in equity financing and $140 million through two securitised bond issuances that were secured within the past year. The company is now valued at $1 billion.
Chimera Investments invested $200 million for a 20% stake in MNT, which now intends to expand internationally and focus on deeper growth in Egypt.
Halan was previously operating as a digital wallet that offered bill payments, ecommerce and ride hailing as well as micro, nano, and consumer loans. The startup, which provides financing solutions to the unbanked, entered into a swap agreement with MNT investments, a microlending platform out of Egypt, in 2018.
The company posted over $300 million in revenue last year. According to a note by TechCrunch, MNT-Halan is Egypt’s only private billion-dollar company.
According to the TechCrunch report, the total loans disbursed by the company now exceeds $2 billion as per the company’s website (MNT-Halan issued loans north of $65 million last month).
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