Egyptian financial services provider MNT-Halan is raising $400m in equity and financing, which would take its valuation to over $1bn.
Chimera Abu Dhabi has invested over $200m in the firm in exchange for a 20% equity stake in the credit startup.
MNT-Halan is in talks with international investors to raise another $60m in primary capital.
The fintech also announced a $140m securitisation of part of its loan book through its subsidiaries Tasaheel Microfinance Company (Tasaheel) and Halan Consumer Finance (Halan).
Commercial International Bank (CIB), 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 are participating in the securitisation.
“Following the completion of these investments, MNT-Halan’s valuation will exceed $1bn,” the firm said, adding that it “will also enable international growth”.
Founded in 2018, the Cairo-headquartered fintech is focused on the unbanked and underbanked market.
With a customer base of over five million, the firm offers business loans, consumer finance, payments and e-commerce services.
Chimera Abu Dhabi CEO Seif Fikry said: “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 said: “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.”
In September 2021, MNT-Halan raised $120m in funding from private equity firms and a clutch of venture capital firms.