MNT-Halan, one of Egypt’s leading microfinance lending and payments companies, has secured a whopping 200 million USD from Chimera Abu Dhabi. Chimera is an Abu Dhabi-based private investment firm managing a diversified portfolio of listed and unlisted equities on both local and regional markets. The investor invested in exchange for over 20% of the company.
The fintech company is also striving to secure another 60 million USD in primary capital from major international investors. They are currently in an advanced stage, and post this investment, the company’s valuation will hit 1 billion USD. Previously, the company raised around 120 million USD in Q3 of 2021 from eminent global and regional investors, such as Development Partners International (DPI), Apis Growth Fund II, and Lorax Capital Partners.
MNT-Halan is committed to providing seamless financial services to unbanked and underbanked customers in Egypt and the surrounding region. Through their digital ecosystem, they offer a multitude of facilities that include business loans, consumer finance, payments and e-commerce, all of which are backed by Neuron, the company’s proprietary technology.
Seif Fikry, CEO of Chimera Abu Dhabi, and Mounir Nakhla, MNT-Halan Founder and CEO, strongly believe in the potential of the new investment and the opportunities it brings for both companies. Fikry said that Chimera is thrilled to be associated with “Egypt’s greatest fintech success story” and a fintech company with an upward trajectory. Similarly, Nakhla added that Chimera Abu Dhabi’s support could not be more timely, which was the much-needed thrust to the company’s operational strategy. Backed by the region’s most prestigious and progressive investors, MNT-Halan is looking forward to a new growth spurt where they empower the underserved with cutting-edge financial products and services.
Furthermore, MNT-Halan announced two securitisations totalling 140 million USD through subsidiaries Tasaheel Microfinance Company (Tasaheel) and Halan Consumer Finance (Halan) with Commercial International Bank (CIB), Egypt’s largest private sector bank. Tasaheel has securitised 100 million USD of its loan book in its second securitisation program issuance. Halan Consumer Finance securitised 40 million USD of its loan book in its first securitisation since its start of operations in 2021.
Both issues were over-subscribed. These offerings demonstrate the company’s high quality, diversity, and granularity of the combined securitised loan books. It consists of 246,000 contracts and a potent cash pay-back ability. The payoffs will fuel the company’s growing loan book. It can further securitise up to 250 million USD in its securitisation program.
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 how the country’s largely unbanked citizens do business. The regulation aimed to elevate Egypt’s banking system to international standards and best practices. Experts opine that it is one of the most vital pillars of achieving the Government’s economic expansion plan propelled by improved financial inclusion and digital transformation. The agenda of developing and modernising the payment system in Egypt has already begun and will be further facilitated by disruptive fintech brands like MNT-Halan.
