{"id":17274,"date":"2023-02-04T11:52:14","date_gmt":"2023-02-04T11:52:14","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/egyptian-fintech-mnt-halan-secures-400-million-in-funding-valuation-rises-to-over-1-billion-fintech-bitcoin-news\/"},"modified":"2023-02-04T11:52:14","modified_gmt":"2023-02-04T11:52:14","slug":"egyptian-fintech-mnt-halan-secures-400-million-in-funding-valuation-rises-to-over-1-billion-fintech-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/egyptian-fintech-mnt-halan-secures-400-million-in-funding-valuation-rises-to-over-1-billion-fintech-bitcoin-news\/","title":{"rendered":"Egyptian Fintech MNT-Halan Secures $400 Million in Funding, Valuation Rises to Over $1 Billion \u2013 Fintech Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Egyptian fintech MNT-Halan announced on Feb. 1 that it had raised over $340 million via debt and equity and it expects to raise an additional $60 million from leading international investors. The latest funding round sees MNT-Halan\u2019s valuation rise to over $1 billion which reportedly makes it the country\u2019s \u201conly private billion-dollar company.\u201d<\/strong><\/p>\n

\u2018Egypt\u2019s Greatest Fintech Success Story\u2019<\/h2>\n

MNT-Halan, an Egyptian fintech serving the country\u2019s unbanked population, announced on Feb. 1 that it had raised close to $ 340 million via debt and equity financing. The fintech also said it is \u201cin the advanced stages with leading international investors to raise $60 million of primary capital.\u201d This will bring the total capital secured to over $400 million.<\/p>\n

At the completion of this funding round, MNT-Halan\u2019s valuation will subsequently rise to over $1 billion, the fintech said. According to a statement<\/a>, Chimera Abu Dhabi, a private investment firm that oversees a portfolio consisting of listed and unlisted equities, invested more than $200 million. In return, Chimera Abu Dhabi was awarded equity equivalent to over 20% of the company. Commenting on Chimera Abu Dhabi\u2019s investment, Seif Fikry, the investment firm\u2019s CEO said:<\/p>\n

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We are thrilled to be part of Egypt\u2019s greatest fintech success story. MNT-Halan\u2019s upward trajectory and momentum reflect the management team\u2019s 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.<\/p>\n<\/blockquote>\n

For his part, Mounir Nakhla, the founder and CEO of MNT-Halan touted Chimera Abu Dhabi\u2019s backing and the timing of the investment as proof of the latter\u2019s confidence in the fintech startup.<\/p>\n

Meanwhile, the statement revealed that the remaining $140 million capital was secured via two securitized bond issuances. Tasaheel Microfinance Company, one of the two MNT-Halan subsidiaries, has securitized $100 million of its loan book in the second issuance of its securitization program. Halan Consumer Finance, on the other hand, has \u201csecuritized $40 million of its loan book in its first securitization since its start of operations in 2021.\u201d<\/p>\n

According to a Techcrunch report<\/a>, MNT-Halan\u2019s $1 billion-plus valuation \u201cmakes it Egypt\u2019s only private billion-dollar company.\u201d<\/p>\n

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What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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