Egypt FinTech startup MNT-Halan raises $400M, making it the largest funding in Egypt and the Middle East

While tech startups in the United States and Europe are still struggling to raise new funding due to the ongoing economic slowdown, 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.

In a sign of healthy funding growth in the region, MNT-Halan, an Egyptian fintech and e-commerce ecosystem which serves underbanked and unbanked customers in North Africa, announced today that it has raised up to $400 million in equity and debt financing, making it the largest funding in Egypt and the Middle East in the past year. The latest funding now puts the company at a post-money valuation of over $1 billion, making 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 through two securitized bond issuances secured within the past year. A large chunk 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 accelerate its growing loan book, considering the increasing demand in light of the current inflationary environment. MNT-Halan has the capacity to further securitize up to $250 million in its securitization program.

Founded in 2017 by CEO Mounir Nakhla and Ahmed Mohsen, MNT-Halan is one of Egypt’s fastest-growing fintech companies committed to bringing seamless financial services to the unbanked and underbanked customers in Egypt and the surrounding region. 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.

In a statement, MNT-Halan says the investments “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.

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 realization of its extraordinary 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, added, “As one of the region’s premier and most progressive investors, Chimera Abu Dhabi brings a unique and dedicated understanding of our business. 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 macroeconomic situation. I am excited for what lies ahead as we continue to grow both organically and inorganically by offering cutting-edge financial products and services locally and internationally to empower the underserved.”