Egyptian fintech startup MNT-Halan gets a big bag

The company focuses on the country's unbanked

Image by 41330 from Pixabay

On February 1, Egyptian fintech startup MNT-Halan announced it has secured a significant funding round.

Here are some key points:

• MNT-Halan’s main target market is the unbanked/underbanked population in Egypt (roughly 70% of the total population). Products include business loans, consumer finance, payments as well as e-commerce solutions.

• Chimera Abu Dhabi invested more than $200 million in exchange for about 20% equity.

• The company also raised $140 million via two securitized bond issuances.

• The company is also in advanced stages to close an additional $60 million of primary capital.

• The funding round hence totals $400 million (at a $1 billion valuation).

Tage Kene-Okafor (TechCrunch) notes that MNT-Halan is presently Egypt’s lone private billion-dollar company. Fawry, another Fintech firm, had previously achieved such valuation post-IPO in 2019. However, it hasn’t been able to maintain it…