Egyptian fintech firm MNT-Halan said Wednesday it has raised $400 million in new equity and finance, valuing the microfinance lending and payments at more than $1 billion as the company continues to serve underbanked and unbanked customers in the North African country.
MNT-Halan said in a statement that the investments include an equity stake of at least 20% worth more than $200 million taken by private equity firm Chimera Abu Dhabi, $140 million in financing by securitising part of its loan book and an additional $60 million of primary capital from international investors.
The fundraising round follows a $120 million investment in Q3 2021 by other major global and regional growth investors including Development Partners International, Apis Growth Fund II and Lorax Capital Partners, the statement added.
Last week, the International Finance Corporation disclosed that it was investing $40 million in the company, but MNT-Halan declined to comment; it’s expected that the remaining financing will come from existing shareholders, said a Techcrunch report.
Founded in 2018, Cairo-based MNT-Halan’s previous investors include Lorax Capital Partners and Middle Eastern venture capitalists Algebra Ventures, DisrupTech, Endeavor Catalyst, Egypt Ventures, MEVP and Wamda.
The company, which boosts about 1.3 million active monthly customers, provides small- and micro-business lending, payments, consumer finance and e-commerce. It has more than five million customers in Egypt, of which 3.5 million are financial clients and two million are borrowers.
