Egypt-based MNT-Halan, a leading digital lender and e-commerce platform, has received over $400 million in equity and debt financing from local and global investors. The funds will be used to expand its services to more than 5 million customers in Egypt and increase its valuation to $1 billion. The financing round included $260 million in equity and $140 million from two securitized bond issuances. Chimera Investments of Abu Dhabi invested $200 million for a 20% stake in MNT-Halan, while the International Finance Corporation committed $40 million. Additional financing is expected from existing shareholders. MNT-Halan plans to launch a debit card for its customers by the end of March and is aiming for international expansion in the future. The CEO, Mounir Nakhla, said the company wants to offer loans for businesses and consumers, as well as groceries and other e-commerce purchases through its platform.
MNT-Halan's digital ecosystem serves over 5 million customers in Egypt, including 3.5 million financial clients and 2 million borrowers. The company operates a digital wallet offering bill payments, e-commerce, and micro and nano loans, and recently acquired Talabeyah, a B2B e-commerce platform that provides supplies to small merchants and retailers. The merger of MNT Investments and Halan, which took place in 2018, created MNT-Halan, which provides loans and other financial services to consumers, merchants, and micro-enterprises through its proprietary technology, Neuron. However, Nakhla noted that the company has had to shut down its ride-hailing operations to focus on commerce and lending. Despite competition from companies such as Khazna, Paymob, and MaxAB, MNT-Halan's growth has garnered the attention of investors such as Chimera Investments, which is pleased to be part of Egypt's fintech success story.
Play audio
No comments