MNT-Halan, the Egyptian fintech ecosystem has secured over $400 Million in equity and debt financing from local and global investors .The company raised $200 million from Chimera Abu Dhabi and is in advanced
stages with leading international investors to raise $60 million of primary capital. Following the completion of these investments, MNT-Halan’s valuation will exceed $1 billion. These investments demonstrate continued confidence in MNT-Halan’s value proposition, management team and superior technology, and will also enable international growth.
This funding follows a $120 million investment in Q3 2021 by other major global and regional
growth investors, including Development Partners International (DPI), Apis Growth Fund II,
and Lorax Capital Partners.
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.”
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.
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 macro-economic 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.”
The company also announced two securitizations totaling $140 million through subsidiaries
Tasaheel Microfinance Company (Tasaheel) and Halan Consumer Finance (Halan) with
Commercial International Bank (CIB), Egypt’s largest private sector bank. Tasaheel has
securitized $100 million of its loan book in the second issuance of its securitization program.
Halan Consumer Finance has securitized $40 million of its loan book in its first securitization
since its start of operations in 2021. Both issuances were over-subscribed. The offerings
reflect the high quality, diversity, and granularity of the combined securitized loan books,
consisting of 246,000 contracts and a robust cash pay-back ability. The proceeds will fuel the
company’s growing loan book, considering the increasing demand in light of the current
inflationary environment. MNT-Halan has capacity to further securitize up to c.$250 million
in its securitization program.
Both securitizations are divided into four tranches, each of which have been rated Prime 1
for the first three and A for the fourth by MERIS (Middle East Rating & Investor Service). In
addition to CIB, participating regional and local financial institutions included Abu Dhabi
Commercial Bank, Al Ahli Bank of Kuwait, Al Baraka Bank, Arab Africa International Bank,
Agricultural Bank of Egypt, ABC Bank, NI Capital, National Bank of Egypt and the Housing and
Development Bank.
White & Case, Shearman and Sterling, Lexence, and Matouk Bassiouny & Hennawy served
as legal advisors on the investment transactions. CIB served as financial advisor and general
arranger of the securitizations with National Bank of Egypt serving as co-financial advisor
and underwriter. Arab Africa International Bank and NI Capital served as underwriters.
Matouk Bassiouny & Hennawy served as legal advisors on the securitizations. Eterna
Partners served as communications advisors.
