Egypt fintech firm MNT-Halan securing $400m in new finance
Egyptian microfinance lending and payments company MNT-Halan is securing $400 million in new equity and finance, bringing its valuation to more than $1 billion, the company said in a statement on Wednesday.
The investments include an equity stake of at least 20 percent of MNT-Halan worth more than $200 million taken by private equity firm Chimera Abu Dhabi. Another $60 million in primary capital is being secured from international investors, the statement said.
These investors include the International Finance Corporation, according to data on the IFC's website.
MNT-Halan obtained $140 million in financing by securitizing part of its loan book, the statement said.
MNT-Halan provides small- and micro-business lending, payments, consumer finance and e-commerce, the company said. It has more than 5 million customers in Egypt, of which 3.5 million are financial clients and 2 million are borrowers. About 1.3 million of the customers are active monthly.
New legislation and regulatory changes in Egypt, the Arab world's most populous country, have been helping attract a surge in new fintech investments and change the way the country's largely unbanked citizens do business.
"Following the completion of these investments, MNT-Halan’s valuation will exceed $1 billion," the statement added.
Previous investors in MNT-Halan include Cairo-based Lorax Capital Partners, and Middle Eastern venture capitalists Algebra Ventures, DisrupTech, Endeavor Catalyst, Egypt Ventures, MEVP and Wamda.
These investors include the International Finance Corporation, according to data on the IFC's website.
MNT-Halan obtained $140 million in financing by securitizing part of its loan book, the statement said.
MNT-Halan provides small- and micro-business lending, payments, consumer finance and e-commerce, the company said. It has more than 5 million customers in Egypt, of which 3.5 million are financial clients and 2 million are borrowers. About 1.3 million of the customers are active monthly.
New legislation and regulatory changes in Egypt, the Arab world's most populous country, have been helping attract a surge in new fintech investments and change the way the country's largely unbanked citizens do business.
"Following the completion of these investments, MNT-Halan’s valuation will exceed $1 billion," the statement added.
Previous investors in MNT-Halan include Cairo-based Lorax Capital Partners, and Middle Eastern venture capitalists Algebra Ventures, DisrupTech, Endeavor Catalyst, Egypt Ventures, MEVP and Wamda.